Volatile ride for Lucid Group Inc stock price on Tuesday moving between $24.57 and $27.93StockInvest.us, 3 weeks ago
The Lucid Group Inc stock price gained 11.38% on the last trading day (Tuesday, 21st Sep 2021), rising from $24.07 to $26.81. , and has now gained 6 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the day the stock fluctuated 13.68% from a day low at $24.57 to a day high of $27.93. The price has risen in 8 of the last 10 days and is up by 34.79% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 47 million more shares were traded than the day before. In total, 114 million shares were bought and sold for approximately $3.05 billion.
On September 15, 2021 "Bank of America" gave "$30.00" rating for LCID. The price target was changed from 18.95 to 5.5%.
The stockhas broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $23.31, a level that may pose a second chance to hit a runner. According to fan-theory $30.09 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
The Lucid Group Inc stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $21.99 and $21.75. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, September 01, 2021, and so far it has risen 50.70%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 months Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.
On the downside, the stock finds support just below today's level from accumulated volume at $24.07 and $22.96.There is natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Lucid Group Inc finds support just below today's level at $24.07. If this is broken, then the next support from accumulated volume will be at $22.96 and $21.17.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $3.36 between high and low, or 13.68%. For the last week, the stock has had a daily average volatility of 8.95%.
Since the Lucid Group Inc has been rising for 6 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.
Lucid Group Inc holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.Check full Lucid Group Inc forecast and analysis here.