Lucid Group (NASDAQ: LCID) stock dropped 6.73% on Tuesday. Lucid has posted last week a nearly 40% miss in revenues alongside a 50% production cut as the company navigated a challenging second quarter.
LCID stock was significantly led by the sellers during Tuesday's session, violating the upward sloping trend line. Now, $16.80 is the key support we should stay above to ensure that yesterday’s bearish setup is over and puts LCID back on a neutral outlook to test $17.90 - $18.40 resistance levels. Otherwise, a confirmed break below $16.80 will then turn LCID decidedly more bearish to test $16.20 - $15.60 support levels. It is worth mentioning that sellers had smashed the major price-based volumes area represented in $18.00 zone and a lower open today below yesterday’s close would confirm further the mentioned area’s violation.
LCID stock was significantly led by the sellers during Tuesday's session, violating the upward sloping trend line. Now, $16.80 is the key support we should stay above to ensure that yesterday’s bearish setup is over and puts LCID back on a neutral outlook to test $17.90 - $18.40 resistance levels. Otherwise, a confirmed break below $16.80 will then turn LCID decidedly more bearish to test $16.20 - $15.60 support levels. It is worth mentioning that sellers had smashed the major price-based volumes area represented in $18.00 zone and a lower open today below yesterday’s close would confirm further the mentioned area’s violation.
Prices may extend its losses to test the next support level at $15.60.