Lucid, LCID Continuation
Updated
Since my previous Lucid Chart it has been moving as expected and has broken above the last price target set. Now if LCID can break and hold above $8.14 the new target is $9.88 to fill the February Gap Down and will be an additional 21% Gain. Since June 28, Lucid has now established that it is trading above the 7 day EMA for 8 sessions now and that will in turn act as support. Lucid is also currentlyt trading within a Very Longterm Bear Channel with lots of potential to swing within the channel. The RSI and the MFI are both also confirmiung that the current upward trend should continue.
Note
Well it was looking good but what abismal numbers reported. Their High End Product may be a lot more difficult to sell going forward given the competition.They might do better bringing some of their High Performance down to a mid level SUV or Sedan to compete against all the other EV Mfr's out there. Why not? How many dozens of ICE-Mfr's have competed and survived over 100 years already. Given Lucid's limited High End Market I'll be very cautious to trade this one going forward.
If it drop's back to the $5.50- $6.00 area i'll be enticed.
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