LCID Stock Price: Lucid Motors – Churchill Capital IV fails to sustain the bounce above $23

NASDAQ: LCID surges on Thursday amid fresh stimulus talks.
Lucid rival Tesla gets another analyst upgrade on its superior technology.
Another EV SPAC reports its earnings and continues its downward spiral.

Stocks Reporter FXStreet

Update August 6: Lucid Group Inc (NASDAQ: LCID) failed to sustain the early bounce above $23, as the stock settled Thursday at $22.75, up 0.53% on the day. The rally in the NASDAQ index helped LCID stock to stem its three-day losing streak, as the optimism on the US $1 trillion Bipartisan infrastructure bill offset the jitters over the Fed tapering expectations. Despite the rebound, shares of the electric vehicle company remain in close proximity of the two-week lows reached on Wednesday at $22.55.

NASDAQ:LCID erased its gains from Monday, as the stock continues to experience volatility since it merged with CCIV. On Tuesday, shares of Lucid fell by 0.80% and closed the trading day at $23.58. Lucid had a tumultuous session, gapping lower in the morning but rallying in the afternoon for a strong finish. The trend followed the broader markets, which had a choppy start to the day but powered higher into the closing bell. In the week since Lucid completed its merger with the stock has trended lower, dropping by nearly 10% during that time.

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The rivalry between Lucid and Tesla (NASDAQ:TSLA) is just starting to heat up. The electric vehicle industry leader received another generous price upgrade from an analyst, who cited that Tesla has a technological superiority to the rest of the field. Taiwan-based KGI Securities gave Tesla an outperform rating and upped its price target to one of the highest on Wall Street at $855. The analyst did note that while Tesla’s technology remains superior, its market share of the electric vehicle industry will decrease over time, and named China’s Nio (NYSE:NIO) as one of the main threats to Tesla’s dominance.

CCIV stock news

Channel support at $22.30 which is close to the point of control since launching. The point of control is the price with the highest volume so a strong level. Break here and the next support is at $17.25. The trend is not too strong right now so it might be better to wait for a breakout in either direction.

Another former EV SPAC reported its earnings on Tuesday, and Nikola Motors (NASDAQ:NKLA) continues to deteriorate. Nikola actually managed to top Wall Street estimates for earnings per share and revenues, but the stock dropped 8.68% after the company cited supply chain issues would cause a delay to the long-awaited truck deliveries.

Previous updates

Update: Lucid Group Inc (NASDAQ: LCID) advanced 0.53% on Thursday, to close the day at $22.75 per share. It peaked intraday at 23.29 but was unable to retain gains beyond the 23.00 threshold, despite Wall Street's better tone. All indexes closed in the green on headlines indicating the US Senate resumed discussion on President Joe Biden's spending program, aiming to finish it before the weekend. The DJIA was the best performer, up 271 points, while the Nasdaq Composite advanced 0.78%.

Previous update: Lucid Group Inc (NASDAQ: LCID) has kicked off Thursday's trading session with an upswing of 1.72%, topping the $23 level. Shares of the electric vehicle company have been recovering alongside the broader stock markets, which seems to have forgotten about the Federal Reserve's slow march toward tightening. Fed hawkishness weighed on equities on Wednesday. What is next? Critical resistance awaits at $23.77, the August high recorded on Monday. Further above, $24.28 is the next level to watch.

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Stocks Reporter

FXStreet

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