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Lucid Stock Price Hangs By A Thread After Major Breakdown

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Written By: Abdullah Sarwar
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  • Lucid Stock Price Forecast - NASDAQ: LCID is looking very bearish after breaking below its $6 support level. Bears may target June lows soon.

Lucid (NASDAQ: LCID) stock price is trading below the $6.18 key level. The stock of the EV manufacturer has slid 3.25% below the major support level and may drop further if the current bearish sentiment sustains. Lucid shares are changing hands at $5.99 on Friday, down 0.42% till press time.

Wall Street Averages showed losses on Friday, which was mostly attributed to TSMC asking for delays from its chip maker vendors and the recent recovery in treasury yields. The NASDAQ 100 Index declined by 125 points, whereas the S&P500 Index and Dow Jones Index fell by 0.61% and 0.31%, respectively.

Lucid Looking To Expand Into China

The American EV producer has expressed its intentions to start selling their cars in the Chinese market. Lucid is also expected to increase its production range and start manufacturing cars in the lower price categories. The company aims to enter that market segment by 2026, where cars are priced at around $20,000.

In other news, Lucid announced its Q2 earnings report in August. The EV manufacturer reported a $150 million in revenue, as compared to last year’s $97.3 million. However, the company reported a $0.4 loss per share due to a reduction in deliveries from the previous quarter. Lucid stock is down 53.7% from its yearly high.

Lucid Stock Price Forecast

The chart of NASDAQ: LCID shows the price broke under the $6.18 level, which I predicted in my previous forecast. A deeper analysis of the chart also reveals a downward trendline that the price has been respecting since September 2022.

The Lucid stock price prediction has flipped bearish as the price has broken below a key support area. If bulls fail to reclaim $6.18 soon, I expect a retest of the $5.5 support level, which is also the June low. In case of a deeper correction, a retest of the middle of the pitchfork is very likely, which lies below $4.

You are also welcome to follow me on Twitter, where I’ll keep sharing my updated outlook on Lucid shares along with my personal trades.

NASDAQ: LCID Chart

This post was last modified on Sep 15, 2023, 17:11 BST 17:11

Written By: Abdullah Sarwar

Abdullah Sarwar is a blockchain analyst and a cryptocurrency investor with more than 5 years of experience. He specializes in providing crypto price projections based on their fundamentals and price charts. He is also a successful day trader. He graduated in 2015 with a degree in electronic engineering. In his free time, he loves listening to electronic music and playing with trading bots.

Published by
Written By: Abdullah Sarwar