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 )
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