Technical Pulse: Lucid Group, Inc October 5, 2022 329
Lucid Group, Inc (NASDAQ: LCID) A potential bullish reversal to the upside after breaking out of the downtrend as:
- The formation of a bulish morning star candlestick pattern on 4 October at the double bottom support level of 13.50 while breaking out of the downtrend resistance line concurrently points towards a bullish upside.
- The Moving Average Convergence Divergence (MACD) technical indicator is displaying increasing momentum where the MACD line made a bullish crossover over the Signal line.
- The price could reach the resistance level at 17.65 which is confluence of the 50% Fibonacci retracement level resistance, with the swing high of 21.78 and swing low of 13.52 as points of reference.
*Expected timeline of the trade is 13 weeks from the date of report issuance.
CHART LEGEND
Red box = Resistance zone
Green box = Support zone
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About the author
Zane Aw
Technical Analyst
PSR
I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).