LCID rises from falling wedge on news from its rich uncle
Updated
LCID got news that its rich uncle the Saudi Arabia Wealth Fund will be assisting in the
manufacturing of large body parts moving forward (perhaps on the methodology of TSLA
to just massive molds to efficiently do so and at a far lower cost). Shares pumped today on the
news. Is it sustainable? Is there still time to buy a piece of the move?
On the 120-minute chart, LCID was in a falling wedge or narrowing regression channel and
broke out also on a day when other EV stocks made good moves. The MACD indicator as
well as the dual TF RSI indicator in confirmation both show bullish momentum. The algo echo
indicator ( by LuxAlgo) which looks back in time to find matching price action patterns and
then predicts the near future move, shows a predicted move to 4.05. This is confluent with the
POC line of the volume profile anchored back to November. From November 14 to December 6,
price was range bound in consolidation around the 4.05 level. My call options for 2/16 @ $3.5
did 140% today unrealized. I will add $4.00 for 2/9 expiration and watch for the anticipated
and predicted continuation.
manufacturing of large body parts moving forward (perhaps on the methodology of TSLA
to just massive molds to efficiently do so and at a far lower cost). Shares pumped today on the
news. Is it sustainable? Is there still time to buy a piece of the move?
On the 120-minute chart, LCID was in a falling wedge or narrowing regression channel and
broke out also on a day when other EV stocks made good moves. The MACD indicator as
well as the dual TF RSI indicator in confirmation both show bullish momentum. The algo echo
indicator ( by LuxAlgo) which looks back in time to find matching price action patterns and
then predicts the near future move, shows a predicted move to 4.05. This is confluent with the
POC line of the volume profile anchored back to November. From November 14 to December 6,
price was range bound in consolidation around the 4.05 level. My call options for 2/16 @ $3.5
did 140% today unrealized. I will add $4.00 for 2/9 expiration and watch for the anticipated
and predicted continuation.
Trade active
LCID nice price action this morning. Scalped shares for 12% in a one hour tradeTrade active
Holding full position. Price high pivot @ 3.8 not enough of a pullback to add.Day scalping shares when a big move permits it. Plan unchanged. Expecting
a new leg down in TSLA which may cause some trading capital to migrate
into LCID.
Trade active
Narrow ranging in the area of POC line and Fib retracement resistance. no reversal.Looking for price to breakout again or a news pump from S. A.
Note
Trade active:LCID moved higher. Took partial profit on half the call otpions at share price of $3.05. Price pulled back ina Fib Retrace. Reloaded at the pullback. A typical zig-zag strategy. Holing beyond this week. Looking for LCID to get more trader attention as TSLA struggles and FSR is all just become extinct.
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.