LCID setting up falling wedge breakout LONG

From the 1H chart, I have drawn descending and falling trendlines with the resistance falling faster, That is to say I see a falling wedge pattern which might be typically at the bottom of a trend forecasting an upside breakout. LICD $Lucid Group Inc(LCID)$ made a small move up in the past 3-4 hours of trading. Overall the indicators support the idea of a reversal especially on the dual TF RS indicator with the green lower TF rising over the higher TF black line and above the 50 level. Likewise, the ZL MACD shows a line cross under the histogram which went red to green in a bit of bullish divergence.

The ADX oscillator has yet to show much of anything with the lines hovering about the 20 level. Overall, I expect a breakout however I am willing to take a trade now because price is near to the support trenline allowing for a small stop loss and a 6% move to the upper resistance trendline. From there I anticipate a break above the line and continuation. In the bigger picture, TSLA is moving up again and other EV stocks may be simply following the leader. ( SL 6 TP1 6.4 TP2 6.85 TP3 7.4 )

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":212024100868208,"tweetId":"212024100868208","gmtCreate":1692796010495,"gmtModify":1692796015944,"author":{"id":9000000000000361,"idStr":"9000000000000361","authorId":9000000000000361,"authorIdStr":"9000000000000361","name":"chocoee","avatar":"https://static.tigerbbs.com/afa8fd7934742274cc59594904a5c223","vip":8,"userType":8,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":18,"starInvestorFlag":false},"themes":[],"images":[{"img":"https://community-static.tradeup.com/news/9d6ddcb3b127a61f4b8bdc737475b823","width":"2304","height":"940"}],"coverImages":[{"img":"https://community-static.tradeup.com/news/9d6ddcb3b127a61f4b8bdc737475b823","width":"2304","height":"940"}],"title":"LCID setting up falling wedge breakout LONG","html":"<html><head></head><body><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/9d6ddcb3b127a61f4b8bdc737475b823\" tg-width=\"2304\" tg-height=\"940\"></p><p>From the 1H chart, I have drawn descending and falling trendlines with the resistance falling faster, That is to say I see a falling wedge pattern which might be typically at the bottom of a trend forecasting an upside breakout. LICD <a data-mention-id=\"LCID\" class=\"teditor-mention\" data-mention-name=\"Lucid Group Inc\" href=\"https://ttm.financial/S/LCID\">$Lucid Group Inc(LCID)$</a> made a small move up in the past 3-4 hours of trading. Overall the indicators support the idea of a reversal especially on the dual TF RS indicator with the green lower TF rising over the higher TF black line and above the 50 level. Likewise, the ZL MACD shows a line cross under the histogram which went red to green in a bit of bullish divergence.</p><p><br>The ADX oscillator has yet to show much of anything with the lines hovering about the 20 level. Overall, I expect a breakout however I am willing to take a trade now because price is near to the support trenline allowing for a small stop loss and a 6% move to the upper resistance trendline. From there I anticipate a break above the line and continuation. In the bigger picture, TSLA is moving up again and other EV stocks may be simply following the leader. ( SL 6 TP1 6.4 TP2 6.85 TP3 7.4 )</p></body></html>","htmlText":"<html><head></head><body><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/9d6ddcb3b127a61f4b8bdc737475b823\" tg-width=\"2304\" tg-height=\"940\"></p><p>From the 1H chart, I have drawn descending and falling trendlines with the resistance falling faster, That is to say I see a falling wedge pattern which might be typically at the bottom of a trend forecasting an upside breakout. LICD <a data-mention-id=\"LCID\" class=\"teditor-mention\" data-mention-name=\"Lucid Group Inc\" href=\"https://ttm.financial/S/LCID\">$Lucid Group Inc(LCID)$</a> made a small move up in the past 3-4 hours of trading. Overall the indicators support the idea of a reversal especially on the dual TF RS indicator with the green lower TF rising over the higher TF black line and above the 50 level. Likewise, the ZL MACD shows a line cross under the histogram which went red to green in a bit of bullish divergence.</p><p><br>The ADX oscillator has yet to show much of anything with the lines hovering about the 20 level. Overall, I expect a breakout however I am willing to take a trade now because price is near to the support trenline allowing for a small stop loss and a 6% move to the upper resistance trendline. From there I anticipate a break above the line and continuation. In the bigger picture, TSLA is moving up again and other EV stocks may be simply following the leader. ( SL 6 TP1 6.4 TP2 6.85 TP3 7.4 )</p></body></html>","text":"From the 1H chart, I have drawn descending and falling trendlines with the resistance falling faster, That is to say I see a falling wedge pattern which might be typically at the bottom of a trend forecasting an upside breakout. LICD $Lucid Group Inc(LCID)$ made a small move up in the past 3-4 hours of trading. Overall the indicators support the idea of a reversal especially on the dual TF RS indicator with the green lower TF rising over the higher TF black line and above the 50 level. Likewise, the ZL MACD shows a line cross under the histogram which went red to green in a bit of bullish divergence. The ADX oscillator has yet to show much of anything with the lines hovering about the 20 level. Overall, I expect a breakout however I am willing to take a trade now because price is near to the support trenline allowing for a small stop loss and a 6% move to the upper resistance trendline. From there I anticipate a break above the line and continuation. In the bigger picture, TSLA is moving up again and other EV stocks may be simply following the leader. ( SL 6 TP1 6.4 TP2 6.85 TP3 7.4 )","highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/212024100868208","repostId":0,"isVote":1,"tweetType":1,"viewCount":995,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":["LCID"],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":896,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/212024100868208"}