- NYSE:CCIV bounced back by 6.32% amidst a wild day for the broader markets.
- CCIV rebounds for a bullish breakout as the stock finds a new support.
- CCIV may be ready to re-test its highs ahead of its proposed merger date at the end of July.
NYSE:CCIV seems to have found a new bottom after a bearish downtrend of five straight trading sessions with lower lows. On Wednesday, CCIV gained 6.32% to close the trading session at $24.04. The stock has been a battleground for many on Wall Street, with retail investors toting Lucid Motors as the next Tesla, while institutions remain skeptical about another EV SPAC with a high valuation on zero sales or revenue thus far. After the recent downfalls of other EV SPACs like Nikola (NASDAQ:NKLA) and Lordstown Motors (NASDAQ:RIDE), there has been growing pessimism surrounding Lucid as well.
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CCIV investors must have been relieved on Wednesday when the stock finally found support around its 200-day moving average. This has traditionally been a bullish sign that the stock is ready to breakout once again, and the timing does align with a major catalyst coming at the end of July. The stock took a recent hit with the release of Tesla’s (NASDAQ:TSLA) uber premium Model S Plaid edition, but if Wednesday’s move is any indication, Lucid bulls are back in control.
CCIV stock news
The catalyst mentioned earlier is the proposed official merger date between CCIV and Lucid Motors on July 23rd. With most SPACs, we have actually seen a decline right after the merger has been completed, but CCIV may have more hype and retail momentum behind it then your average SPAC. If the bulls grab hold of CCIV again, the stock could continue to rise up to July 23rd, re-testing previous highs.
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