negative evaluation of $lcid
The Lucid $Lucid Group Inc(LCID)$ stock price fell by -3.04% on Tuesday, 22nd Aug 2023 from $6.26 to $6.07. During the last trading day the stock fluctuated 5.70% from a day low at $5.97 to a day high of $6.31. The price has fallen in 8 of the last 10 days and is down by -15.58% for this period. Volume has increased on the last day by 9 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 29 million shares were bought and sold for approximately $176.04 million.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -2.39% during the next 3 months and, with a 90% probability hold a price between $5.21 and $7.83 at the end of this 3-month period.
LCID Signals & Forecast
There are few to no technical positive signals at the moment. The Lucid stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $6.32 and $6.95. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, July 11, 2023, and so far it has fallen -25.25%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Lucid stock
On the downside, the stock finds support just below today's level from accumulated volume at $5.73 and $5.55. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Lucid finds support just below today's level at $5.73. If this is broken, then the next support from accumulated volume will be at $5.55 and $5.47.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.340 between high and low, or 5.70%. For the last week, the stock has had daily average volatility of 3.86%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (LCID) For The Trading Day Of Wednesday 23rd
For the trading day on Wednesday, 23rd we expect Lucid Group Inc to open at $6.12, and during the day (based on 14 day Average True Range), to move between $5.66 and $6.48, which gives a possible trading interval of +/-$0.409 (+/-6.74%) up or down from last closing price. If Lucid Group Inc takes out the full calculated possible swing range there will be an estimated 13.49% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $5.73 (5.60%) than the resistance at $6.50 (7.08%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Insiders are very positive buying more shares than they are selling in Lucid
In the last 100 trades there were 1.42 billion shares bought and 5.96 million shares sold. The last trade was made 62 days ago by Public Investment Fund who bough 265.69 million shares. The large amount of stocks bought compared to stocks sold indicate that the insiders believe there is a potential good upside. In some cases larger purchases can be explained by due date for stock options.
Is Lucid Group Inc stock A Buy?
Lucid holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.
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