Lucid pierces pivotal support - Analysis - 10-11-2022

Lucid Group's stock (LCID) skidded in the intraday levels after reporting a quarterly loss while sales were less than expected, marking a loss of $530 million, or 40 cents per share in the third quarter, compared to a loss of $523 million, or 43 cents per share in the same period last year, sending the stock down 16.96%, or 2.29 points, and settling at 11.21, with trading volumes surpassing 52.5 million shares, above 10-day averages of 20 million shares. 

Technically, the main downward trend dominates in the medium term, with negative pressure from the 50-day SMA, coupled with negative signals from the RSI, piercing the pivotal support of 13.25.

Therefore we expect more losses for the stock, targeting the support of 8.00, provided it settles below 13.25. 

Expected trend for today: Bearish