- NASDAQ:LCID surged by 4.82% on Friday as the NASDAQ once again hit new all-time highs.
- Lucid bulls are eyeing the $20 level on the road to recovery.
- Elon Musk hints that the Berlin GigaFactory will be operating by October.
NASDAQ:LCID investors have certainly bought the recent dip as the stock has now powered higher in two straight sessions heading into the long weekend. On Friday, shares of Lucid gained a further 4.82% as bullish investors shrugged off the recent PIPE investors lock up expiry. Lucid once again outpaced the broader electric vehicle sector on Friday, as stocks have been mostly weighed down by negative news surrounding Tesla (NASDAQ:TSLA). Despite the two-day rally, shares of Lucid are still down by 6.14% over the past week, and 13.57% over the past month.
Lucid bulls are back in the driver seat right now and are eyeing the psychological $20.00 level that is slightly higher than the closing price on Friday. Just as quickly as the support was lost, investors will be looking at the $20.00 level for new support during this current rally. Previous support levels are a key part of technical analysis, and are often familiar levels for the stock to return to. Lucid’s recent decline has been close to catastrophic, especially for a stock that many thought would climb higher after the merger with CCIV at the end of July.
LCID stock price forecast
In other EV news, Lucid’s rival Tesla was back in the headlines on Friday, just one day after CEO Elon Musk announced that the Tesla Roadster and Tesla Cybertruck would be delayed once again. In his quarterly call to Tesla employees, Musk revealed that he expected the Berlin GigaFactory to be in operation by October, and that Tesla is also debating producing a vehicle in the near future that has no steering wheel.
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