Here I have Lucid Group, Inc - LCID on the Weekly Chart!
First, Technical. We see Price rock bottoms to its Lowest @ $2.29 on April 22 2024 and just after the Negative Earnings and Revenue report on May 6th 2024, Price creates an Equal High @ $3.35 followed by a Violation of Structure giving us a Higher Low @ $2.48 finding Support in the $2.50 Area to then make a Higher High @ $4.32!
Turning this once looking Downtrend to an Uptrend.
Prices Higher Highs and Lows are now being halted at the $4.20 - $4.40 Range where I suspect Price will need to find more Support before it can continue on to what I believe will be its next Target being the Next Swing High @ $5.31!
*Divergence in the Highs of Price relative to the Highs on RSI show Bearish Signs
The Bullish Rally in Price on August 19th left open quite a Gap to Fill from $3.83 - $3.30 and If Price is willing to fill it, the $3.46 - $3.13 Area looks very Valuable being there's:
1) - Equal High @ $3.35 being Potential Support
2) - Golden Fibonacci Zone @ $3.34 (55.9%) - $3.22 (61.8%)
(Based from HL @ $2.48 to HH @ $4.43)
3) - RSI after Breaking EQH, starts Trading Above 50
4) BBTrend Printing Smaller, Dark, Red Bars
All leading to Bullish Markers!
Now, Fundamentals. Lucid Group announced that it is set to launch not only 3 new affordable EV's but that it also plans to unveil the Gravity SUV later in the year "highlighting the company's advanced technology and mileage range on electric vehicles." In competition with Tesla's long reign.
tradingview.com/news/benzinga:76ca74cea094b:0-musk-take-notice-lucid-unveils-3-affordable-evs-to-compete-with-tesla-s-model-y-model-3/
The "Fastest Armored Car On The Planet" is sparking investor interest with Lucid Air Sapphire is giving serious challenges to Tesla!
tradingview.com/news/benzinga:6756ad2f8094b:0-lucid-golden-cross-sparks-investor-interest-as-air-sapphire-challenges-tesla/
The past 2 Earnings & Revenue Reports have both been Disappointing for the company but the most recent Report on August 5th compared to May 6th tell a slightly different story ..
May - Revenue Estimate (173.544M) / Reported (172.2M) = -844.404k
Aug.- Revenue Estimate (190.303M) / Reported (200.6M) = +10.279M
*Next Earnings and Revenue - November 5th 2024
LCID will be worth keeping a watch on .. Stay Tuned!!
First, Technical. We see Price rock bottoms to its Lowest @ $2.29 on April 22 2024 and just after the Negative Earnings and Revenue report on May 6th 2024, Price creates an Equal High @ $3.35 followed by a Violation of Structure giving us a Higher Low @ $2.48 finding Support in the $2.50 Area to then make a Higher High @ $4.32!
Turning this once looking Downtrend to an Uptrend.
Prices Higher Highs and Lows are now being halted at the $4.20 - $4.40 Range where I suspect Price will need to find more Support before it can continue on to what I believe will be its next Target being the Next Swing High @ $5.31!
*Divergence in the Highs of Price relative to the Highs on RSI show Bearish Signs
The Bullish Rally in Price on August 19th left open quite a Gap to Fill from $3.83 - $3.30 and If Price is willing to fill it, the $3.46 - $3.13 Area looks very Valuable being there's:
1) - Equal High @ $3.35 being Potential Support
2) - Golden Fibonacci Zone @ $3.34 (55.9%) - $3.22 (61.8%)
(Based from HL @ $2.48 to HH @ $4.43)
3) - RSI after Breaking EQH, starts Trading Above 50
4) BBTrend Printing Smaller, Dark, Red Bars
All leading to Bullish Markers!
Now, Fundamentals. Lucid Group announced that it is set to launch not only 3 new affordable EV's but that it also plans to unveil the Gravity SUV later in the year "highlighting the company's advanced technology and mileage range on electric vehicles." In competition with Tesla's long reign.
tradingview.com/news/benzinga:76ca74cea094b:0-musk-take-notice-lucid-unveils-3-affordable-evs-to-compete-with-tesla-s-model-y-model-3/
The "Fastest Armored Car On The Planet" is sparking investor interest with Lucid Air Sapphire is giving serious challenges to Tesla!
tradingview.com/news/benzinga:6756ad2f8094b:0-lucid-golden-cross-sparks-investor-interest-as-air-sapphire-challenges-tesla/
The past 2 Earnings & Revenue Reports have both been Disappointing for the company but the most recent Report on August 5th compared to May 6th tell a slightly different story ..
May - Revenue Estimate (173.544M) / Reported (172.2M) = -844.404k
Aug.- Revenue Estimate (190.303M) / Reported (200.6M) = +10.279M
*Next Earnings and Revenue - November 5th 2024
LCID will be worth keeping a watch on .. Stay Tuned!!
Note
Based from the Swing Low @ $2.80 (which a 78.6% Pullback Retracement after the First High) to the Current High @ $4.43, our Golden Fib Entry lays between $3.52 - $3.42!
Note
Lucid Group is packing on Investors!!-$1.5 Billion from Saudi Arabia Public Investment Fund (PIF)
& NOW!
-Calpers, the Largest US Public Pension by assets, just acquired 262,123 more shares to a total of 1.3 million shares obtained!
tradingview.com/news/DJN_DN20240901000451:0/
Trade active
At Market Open, I purchased 20 Shares @ $4.05.
-If Price retraces to the $3.30 - $3.20 area, I will add Shares!
-If Price breaks into Higher Highs, I will add Shares!
Trade active
Purchased more shares upon price making a 38.2% Fib Pull-Back to $3.81!
Trade active
Upon Market Open, Price trickled down and touched the 50% Retracement Level!
Added more shares @ $3.45!
Trade active
tradingview.com/news/benzinga:6f096d3e1094b:0-tesla-and-chinese-ev-startups-outpace-toyota-volkswagen-in-critical-software-race-report/In this article, there are a couple interesting points:
-Lucid Group is recognized as a leading start-up alongside other Chinese competitors
-US Commerce Department is "considering restricting importing and selling of Chinese-made vehicles, citing national security concerns"
Trade active
-Here we can see a Harmonic Cypher Pattern on the 1Hr Chart right at the 50% Fib Retracement Level from the High @ $4.43!
-RSI is Above 50 with Bulls Accumulating
-Lucid Group gets great remarks on the Gravity from Bank of America CFA and has been on a slight Bullish Rally ever since.
Trade active
Based from Fridays Low to Todays High, Price has made a Retracement to the Golden Fib Ratio Zone!
Once it does, we see a massive Bullish push in price!
For All Things Currency,
Keep It Current,
With Novi Fibonacci!
Novi's Trading Channel
t.me/+l3fTcsZu91ZiZDkx
Keep It Current,
With Novi Fibonacci!
Novi's Trading Channel
t.me/+l3fTcsZu91ZiZDkx
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
For All Things Currency,
Keep It Current,
With Novi Fibonacci!
Novi's Trading Channel
t.me/+l3fTcsZu91ZiZDkx
Keep It Current,
With Novi Fibonacci!
Novi's Trading Channel
t.me/+l3fTcsZu91ZiZDkx
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.