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- 1 Lucid Group’s LCID stock has been declining within an interesting pattern over the daily time frame chart.
- 2 LCID shares may regain strength from the lower trendline; it is oversold according to the RSI.
- 3 Lucid Group Inc. (NASDAQ: LCID) stock slumped around 25.82% year to date.
Lucid Group’s LCID stock price has been falling through an interesting declining pattern and may get support from the lower trendline. Meanwhile, LCID shares entered the oversold territory as shown by the relative strength index over the daily time frame chart. However, Lucid stock might skip this declining streak by gaining upward momentum. Buyers need to come to the rescue of LCID shares to prevent significant losses.
Lucid Group Inc. (LCID) stock has been slipping through a falling wedge pattern since February 2023 over the daily time frame chart. Now Lucid stock needs to accumulate buyers to initiate its recovery phase.
LCID stock price was at $5.17 and lost 5.14% of its market capitalization during Thursday’s trading session. Even though trading volume was above average which signifies the decline of Lucid stock because it was under full influence of sellers. LCID is likelt to get support from the lower trendline.
Will LCID Stock Bounce Back From Oversold Zone?
Lucid Group’s LCID stock price has been slipping within a declining wedge pattern since February 2023 over the daily time frame chart. However, volume change was above average under the full influence of sellers. Buyers need to come forwards during Friday’s trading session. Meanwhile, Lucid share price has slipped below 20, 50, 100 and 200-days daily moving averages.
Lucid Group Inc (NASDAQ: LCID) has surprised anyone in 2023 on short and long time frames. Lucid stock price slipped around 12.22% in a week and 17.21% in a month. Moreover, LCID stock declined around 8.50% in the last three months and 35.54% in the last six months. In addition, LCID shares decreased by 25.82% year to date.
Technical indicators suggest Lucid stock price will enter a downturn. Relative strength index (RSI) and moving average convergence divergence (MACD) both confirm the fall of LCID stock.
RSI was at 27 and has entered the oversold zone. The MACD line is below the signal line after a negative crossover. Investors in Lucid Group Inc. (NASDAQ: LCID) needs to wait for any directional change over the daily time frame chart.
Summary
Lucid Group’s LCID stock price has been falling within an interesting declining pattern and may get support from the lower trendline. Volume change is above average due to strong seller influence. In addition, LCID share price decreased by 25.82% year to date. Technical indicators suggest a downturnn in Lucid stock price trend. Investors in Lucid Group Inc. (NASDAQ: LCID) needs to wait for any directional change over the daily time frame chart.
Technical Levels
Support Levels: $5.10 and $5.00
Resistance Levels: $5.45 and $5.75
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
