Is CCIV (Lucid Motors) ready for another bull run? CCIV gained a massive following on social media following other SPAC stocks on the massive run at the beginning of 2021. Since Early March the stock has dropped more than half of it’s value from it’s highs. Let’s take a look at the chart to see if CCIV can rebound.
As you can see the chart looks really warn down. On Friday CCIV closed at 19.52 prices The lowest it’s been since late January. The stock is down over 17% in the last 5 trading days and is clearly severely over sold.
Lets look at the support and resistance.
First support level 19.01
Second support level: 18.51
Third support level: 17.76
First resistance point: 20.26
second resistance point: 21.01
Third Resistance point: 21.51
If the first support breaks at 19.01 then watch out below, CCIV will continue to drop to 18.51 and if 18.51 fails CCIV will fall to 17.76 If an uptrend can be found expect this to test 20.26 if 20.26 resistance is broken through we will see the 21.01 mark and into the 21.50s. The key take away for me is on the daily chart assuming the support can hold this forms a W on the chart which signals a double bottom. The double bottom signals bullish and a possible end to the huge sell off CCIV has been receiving as of late. If you look below I suspect CCIV to rally from 19.40ish, however it may test the first support at 19.01 before making a large move up.
About the company:
Lucid Motors (CCIV) posted a tweet on 3/22/21 that their dream edition Lucid Air has now become fully reserved meaning the car has sold out at $161,500 a car. That is a pretty big update for CCIV. Lets see how CCIV plays out this week.
Disclaimer: I am not a financial advisor and these are my opinions. You may lose your entire investment. Consult a professional investment advisor before buying any stock.