Lucid Group Inc. (NASDAQ:LCID) shares were trading higher Tuesday after the company announced its third-quarter financial results. Lucid announced that it ended the third quarter with about $4.8 billion in cash.
Another reason the stock may be moving: it was able to overtake Ford Motor Co. (NYSE:F) in market capitalization today.
Lucid shares gained 23.71% Tuesday, closing at $55.52.
Lucid Daily Chart Analysis
- The stock broke out of what technical traders call a sideways channel pattern and has been taking off since the break.
- The $30 price level held as an area of resistance in the past, but as the stock was able to break above this area, it may now hold as an area of support in the future. Resistance in the stock may now be found near all-time highs near the $65 level.
- The stock is trading above both the 50-day moving average (green) and the 200-day moving average (blue), indicating the sentiment in the stock has been bullish.
- Each of these moving averages may hold as a possible area of support in the future.
- The Relative Strength Index (RSI) has been moving sideways in the overbought area and sits at 79. This sideways movement in the overbought area shows that buyers have not let this stock go, keeping the buying pressure high.
What’s Next For Lucid?
Bullish traders would like to see Lucid continue to push higher, and eventually when the stock cools off see some consolidation. If the stock is able to see consolidation, it may be ready to continue on its bullish run in time.
Bearish traders are looking to see the stock turn around and start to fall back toward the $30 level. Bears are then looking to see the stock fall below this level and below the moving averages for a possible continuation downward.
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