Lucid Group caught my eye because of its similarity to AMC Entertainment in May 2021.
A comparison I show at the end of this analysis.
This analysis is very extensive and detailed and I show several formations in the most diverse time windows.
The following time windows are discussed:
Four hours chart
To each analysis there will be a linked idea, so there is the possibility to judge individual analyses retrospectively using the play button function at TradingView (timestamp).
1. weekly chart
In the weekly chart, we can see and project different patterns.
As seen in this analysis, a W formation has formed (white lines), which is currently in a so-called retest.
This retest can trigger a correction phase that can continue to the Fibonacci lines 0.236, 0.382, 0.618 and maximum to 0.786.
Typically, corrections are made to 0.236, 0.382.
The formation becomes invalid only when the price falls below the lowest point of the W formation.
The target of this formation can be divided into three targets.
Target 1 measured from the middle high to the "neckline".
Target 2 measured from the Left Low to the "Neckline".
Target 3 measured from the right low to the "neckline".
Thus, the following price targets result from this formation: (purple lines)
Target 1 53.54 USD
Target 2 66.13 USD
Target 3 76.05 USD
What is exciting here is that the chart at 64.82 USD, similar to AMC Entertainment back then can form a Superior W Formation, with targets of: (Blue lines)
If one takes the trend-based Fibonacci Extensions to the help, one can determine additional Max targets that could be reached with strong sustained , and according to waves could define the target of wave 3. The targets are here, at the following price values: (Yellow lines)
2. four hours chart
In the four-hour chart, we can see an Inverted Shoulder Head Shoulder Formation, which has already reached its target of 41.41 USD.
An Inverted Shoulder Head Shoulder Formation is a sign of a trend reversal and hereby signals us the end of the correction phase that has lasted since 18.02.2021.
After reaching the target and a subsequent correction phase, the price very often rises back to the price target of the Inverted SKS (Superior Retest of the W Formation from the weekly chart) and continues the upward movement.
3. hourly chart
In the hourly chart, we see a SKS that has its target at 30.33USD. (0.382 Fibonacci area from the weekly chart).
Overarching the possibility exists that a is formed ( Formation ).
The Formation is to be considered as a trend-following pattern and gives the following price targets from point D ( 30.62 USD ): (Blue lines)
Target 1 34.78 USD
Target 2 37. 40 USD
Target 3 44.65 USD
All these formations give me personally a good feeling that Lucid Group has a lot of potential upside in the long term.
Finally, I would like to show you a comparison picture to AMC Entertainment, immediately after my analysis at that time, the price of AMC Entertainment rose impulsively to the current all-time high at 77.30USD.
If you liked this idea, I would appreciate a click on the Like button ;)
If you have any questions, suggestions or a different opinion, don't be afraid to use the comment function.
Thanks a lot
Please keep in mind that this is a pure analysis and only reflects what my eye shows me ;)
This analysis is for informational purposes only and is scientific in nature.
This analysis is not based on any fundamental data!
This analysis is not an investment advice and should not be considered as a buy, sell or hold signal.
Always do your own research before investing and seek the advice of a qualified person.
I am not an investment advisor or similar and do not make any investment recommendations here.
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