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Lucid Stock Price May Surge 24% – Here’s Why

Lucid (NASDAY: LCID) stock price is in the midst of a recovery after a major sell-off in August. The stock of the EV company had a 17.4% drop last month as the US equities tumbled. However, the stock is up 7% from the recent lows, and bulls are still in the game.

On Tuesday, the US stock market opened after a long Labor Day weekend. Lucid stock opened lower, but the candle turned green as the buyers stepped in. The stock closed the first trading session of the week 0.94% below its last weekly close.

Lucid Group CEO Bagged $379 Million Last Year

According to the recent revelation, the CEO of the Lucid Group, Peter Rawlinson, was paid $379 million last year. Such a high pay for the CEO of a company who recently failed to meet its earnings expectations has drawn criticism from the analysts.

Tesla CEO and former boss of Rawlison has also weighed in on the issue and indirectly took a jab at the rival firm’s CEO. In its Q2 earnings report, Lucid Group reported $150 million in revenue, which was less than Wall Street expectations. Since the earnings release, Lucid stock price is currently 64.5% down from its yearly high.

Lucid Stock Price Prediction

The following NASDAQ: LCID chart shows that the price has broken above $6.18 support after breaking below it in August. If this level holds in the coming weeks, I expect the price to retest the downward trendline soon. A retest of the 200 MA around 7.84% would mean a more than 24% upside for the stock.

The invalidation of this Lucid stock price forecast will be another breakdown below the $6.18 support level. This price level is also the bottom of the descending triangle pattern which has been formed on a higher time frame.

In the meantime, I’ll keep sharing updated Lucid shares and my personal trades on my Twitter, where you are welcome to follow me.

Lucid stock price chart