Volatile ride for Lucid stock price on Thursday moving between $6.20 and $6.82

The Lucid stock price fell by -16.24% on the last day (Thursday, 1st Jun 2023) from $7.76 to $6.50. During the last trading day the stock fluctuated 10.00% from a day low at $6.20 to a day high of $6.82. The price has been going up and down for this period, and there has been a -10.1% loss for the last 2 weeks. Volume has increased on the last day by 137 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 160 million shares were bought and sold for approximately $1.04 billion.

Evercore ISI is very positive about LCID and gave it a "" rating on Nov 30, 2022. The price target was set to 12.

The stock lies in the lower of a wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $6.32 is broken, it will firstly indicate a stronger fall rate.Given the current short-term trend, the stock is expected to fall -11.53% during the next 3 months and, with a 90% probability hold a price between $5.59 and $6.89 at the end of this 3-month period.

Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Lucid stock holds sell signals from both short and long-term moving averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $7.50 and $7.43. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, April 27, 2023, and so far it has fallen -20.44%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.

There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.

This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.620 between high and low, or 10.00%. For the last week, the stock has had daily average volatility of 6.08%.

Lucid holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.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 Sell candidate.