LUCID approaches IPO levels

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The electric vehicle sector is still in “full” heat, a context that has pushed the stock towards the highs recorded last February.

The closing daily price reversal of the violent bearish breakout at the end of February has confirmed a new bullish continuation signal. On this occasion, Lucid could go for the all-time highs ($63.20) reached a few days after its stock market debut. A hypothetical surpassing of these highs would leave the stock in a free upward phase, a scenario conducive to developing a new upward breakout impulse “in the heat” of the FOMO residing in the sector. Downwards, $44.80 and $39.40 are, for the moment, the most important support references to watch. The loss of the latter in closing prices would trigger the perforation of its accelerated bullish guideline, a potential trend reversal signal that could trigger a subsequent correction.

Resistances: $58.50, $60, $63.20.

Supports: $50, $44.80, $39.40, $30.

Targets: (Bullish) $60, $63, $70 (Bearish) $27.

Trend structure in LUCID:

  • Short term: Bullish.
  • Medium term: Bullish.
  • Long term: Neutral-bullish.

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