LCID: This pattern might REVERSE the trend for good!Hello traders and investors! Let’s see how LCID is doing today!
In the 1h chart, we see a clear bear trend, and LCID is trading below its 21 ema. However, there’s hope for it. The most important key point is the red line at $ 29.05. This point is the trigger of a Double Bottom chart pattern (Adam & Eve type).
The technical target for this pattern is the next resistance, which is at $ 47.59 (black line).
It is interesting to notice that in the 1h chart LCID is already doing higher highs/lows, and if it keeps doing this, eventually, it’ll reverse the trend in the mid-term.
It has an open gap to fill (earnings gap), and this might help the bullish thesis on LCID, at least for a while. Another thing that is important to pay attention is the volume, as it must increase as it goes up. Remember: The volume must confirm the trend (Dow Theory).
For now, let’s pay attention to the $ 29.05, as this is the most important key point for us now. Remember to follow me to keep in touch with my daily updates.
