Could this be the right time to BUY LUCID?Hello Traders
I have been tracking LUCID and other new Electric Vehicle (EV) Companies for about 5 Months now and based on my Support and Resistance Levels, NASDAQ:LCID has just bounced off my most lowest Resistance level which is at $6.19 and I expect it to do a reversal over the coming days or weeks (After markets has recovered).
Now, we know that the lowest LUCID has ever gone was somewhere around $5.46 despite that, the overall market is bearish and we can only wait for a buying opportunity for some great returns. However, despite the negative earnings report we can definitely expect a strong recovery from $6.19 to potentially $6.94 to $7.00 over the coming weeks.
My Strategy: I would wait and see if price fall below $6.19 (1) if it does then it is going to make a new all time lowest (95%) chance which means buying at the new all time lowest and being patience for price to come back to its average (2) if we see rejection(s) then we just have to wait for some conformations such as the 9MA crossing the 50MA (Signaling a potential uptrend) and price closing above (green candle) $6.40. Based on my trading experience I have made some nice trades with these conformations.
My analysis above is conducted in the 1H time frame let me know your strategies or opinions on some EV companies.
