Description
⋅ Lucid's technical analysis suggests that the stock has been trading in a rangebound fashion between $7 to $8 for a considerable period of time.
It did briefly reach $8, but it has consistently returned to the $7 level, indicating a support level at $7.
However, recent lower delivery production numbers have resulted in high trading volume, causing the stock to decline below $7.
This points out a potential breakout from the established range, with the next significant support level expected around $6.
The upcoming earnings release on August 7th may be a catalyst for the stock to reach the $6 range.
If the support at $6 fails to hold, it could trigger a significant decline.
The Relative Strength Index (RSI) 2 is currently in the positive territory, suggesting an overbought condition that needs to cool down.
Considering all these indicators, there is a possibility that Lucid may break below the $6 level in the near future