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LCID - Big Pump Break Out!
Lucid Group, Inc.
Long
LCID - Big Pump Break Out!
By dRends35
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Updated
Sep 12
1
5
4
4
Jul 12
I've been quiet on this one but LCID is an EV stock that can really pump hard when it gets going.
Its been a devastating bear market.
So many traders will have become rekt through trying their luck with this name.
But devastating downside can lead to incredible pump action to the upside.
And now it is breaking out fast
Already up 25% today and could be
more!
That means this weekly candle will likely be
very
large.
Though still some hours to go until the day close.
Notice that the week candle has a gap.
That could well be a Breakaway Gap I think.
Notice the high time frame bullish divergence.
That was a big clue that this would break up.
Also this pivot was captured by the magical reverse log 2.272 Golden Window (2.272 - 2.414).
We can see that it was also an Inverted Head & Shoulders pattern.
And we can see it as valid with RSI rising.
All of this offered a
great
opportunity 😼:
It is now hitting the
yellow
50 week MA where it failed previously back in early 2023.
So its a big moment here.
If it breaks through then the sky is the limit 🌑.
But wouldn't be too surprising if there was some sort of sharp pull back perhaps back through the 50 week MA.
Overall this area looks much more positive that the 2023 pump.
Because we have seen a slow momentum shift to the upside.
And that suggests it has been an accumulation.
It does look like one way or another a significant bullish trend is developing.
And it could be a full on bull market.
We'll see how it develops!
Could be
MUCH
more to come 🧐!
Not advice
Jul 15
Trade active
LCID
Has dumped 12 % today.
If it starts drifting or coiling sideways then it can provide a dip buy opportunity.
The best place to buy was at the 2.272 @ $2.57 but momentum buys can also work well without going in too heavy.
It is looking better for the bullish case if it does not dip too far below support @ $3.62.
More likely that this is a real high time frame breakout here.
But not without risk 🧐.
Jul 17
Comment
Nice recovery bounce from support today.
Jul 22
Comment
If LCID can keep hanging around this area then could be another wave up in the pipeline 🧐.
Aug 23
Comment
Making big move up and back at previous high ❗️
This might just be the next wave up - let's see 👀.
Aug 26
Comment
LCID
Up 4% so far today while the market slumps.
This show of strength against Nasdaq is another little clue that a significant uptrend is underway.
If you take the lows of this area; it is very much a bowl shape.
Bowls signal strength as momentum steadily dials in.
Now this bounce is exceeding the previous high it looks like it can carry on up and up.
Also notice that the previous high became a bull trap shakeout through the yellow 50 week moving average.
From there it had a steep slump back down.
And so liquidity has already been tapped above the MA and then back below.
With liquidity shakeouts complete through the MA, it should now be free to move on up.
Perhaps some of you were looking for that pull back to the 2.272 for a top up, but it doesn't look like its going to happen.
That said, this is a good moment to consider your strategy.
Positional buys in the fibs are of course ideal.
But momentum buys can be solid also.
Many old skool traders would consider positional buys too risky and would prefer to see the momentum come in.
Of course it could pull back in the short term at any moment.
And this is a very volatile stock, so if it does you may be down 10-20%
It could yet see a re-test of the MA.
This would be more likely if the Nasdaq has a more significant slump in this area.
But now passing the resistance of the previous high, there is nothing overhead to hold it back.
And a major uptrend appears to be underway.
The sky is the limit from here 👍.
Sep 12
Trade active
Did look a little concerning as it slumped, but it is such high volatility that I think it can be just fine.
Most likely outcome I think is that we have seen a 3 wave running (higher low) correction.
It does look like a champagne cork popping moment might be coming for some of these deep value names, perhaps in time with the interest rate cut 🧐.
Sep 22
Comment
This structure now looks a bit weak to me.
It did look like it can be a continuation pattern to move on up.
But I think more likely now this will slump somewhat.
There are just too many bearish candles in this area.
In higher time frame the chart looks positive with slow bowled low pattern.
That looks more accumulative than a hard bounce.
And its not impossible that it could find a way to hold but any more bearish action and I think this will slump back down.
Of course this is not without risk of being a continuation pattern.
But I think also considering the bullish market climate, that this will be an accumulation.
If it does slump then it may re-test the 2.272 @ $2.57 and that is an ideal buy point 👍.
Trend Analysis
dRends35
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We're into the post FED interest rate cut blow off phase for risk on markets🥳.
I have many great deep value opportunities ❕
Many Trade Ideas Every Day 📈
Regular videos ✨.
Telegram Group: $50 per month 👍🏻.
Contact:
t.me/dRends35
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