Is Lucid Motors Finally Ready To Have A Bullish Reversal?



In my original post How The Inevitable Lucid Motors Bounce Will Play Out. I described several scenarios on how the inevitable recovery bounce will play out. Now the additional time has passed, we have more information to adjust the bullish prediction. Seems like we will have a slow grind trying to reach previous highs, where the catalyst is likely being the official merger and stock ticker change (Scenario 2) which will occur in June. Expect the price to surge higher prior to the official merger date.

I have updated the chart from the original post and added new annotations in red shown above. What is pretty spot-on from the original post is that the 50 SMA and lower Bollinger Band did indeed provide support. Also, the black rectangle support box which was drawn over a month ago has captured the entire pull-back price range! So in other words everything is going as planned per the post, even though it's been a bit tougher than anticipated due to the overall condition of the stock market.

Today's price action is eventful, this was the first time price has touched the lower Bollinger Band. Lucid's reaction to touching it was to go from red to green! This matters because "healthy" stocks will bounce off the lower Bollinger Band and continue higher which is what we are seeing. 

Additionally, we may have called the bottom in real-time as this occurred on Twitter as you can see below:


Now to further elaborate on today's reversal we got a bullish candlestick pattern that has formed at the lower Bollinger Band. So now we have two technical indicators that hint price is bottoming out. The bullish candlestick pattern that occurred is called Piercing Line Pattern which is shown below.

You can see on this simplified $CCIV chart I drew below shows a potential double bottom as well as highlighting the Piercing Line pattern near the lower Bollinger Band. Basically, these three potential bullish indicators are hinting at a reversal coming soon. Hopefully we have seen the lows and the price can rocket higher.



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