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Bulls push Lucid stock towards $27 as Production Preview event starts today

Bulls push Lucid stock towards $27 as Production Preview event starts today
Jordan Major

Production Preview Week at Lucid Motors (NASDAQ: LCID) Advanced Manufacturing Plant (AMP-1) in Casa Grande begins Monday, September 27, as bulls push the firm’s stock price higher amid the excitement.

A limited number of visitors will get the chance to witness production processes for Lucid Air and learn more about Lucid’s groundbreaking EV technology from Lucid’s top engineers during a series of events.

In the week preceding the event, LCID saw an influx of $8 billion into its shares. At the time of publishing, the bulls are driving Lucid stock higher due to the enthusiasm around the event, with shares trading at $27.03, representing a gain of +1.75 (6.88%) over Friday’s close.

LCID 20-50-200 SMA lines chart. Source. data. See more stocks here.

Recently, the price movement has been somewhat too erratic to provide a suitable entry and exit point. Hence, it does not offer a high-quality setup; given the recent rapid rise in prices, it may be prudent to wait for stabilization or a downturn before contemplating an entry.

By way of explanation, In the last month, LCID has been trading in the $16.12 – $28.21 range, which is quite wide, and it is currently trading near the high of this range. Since the start of the month, the stock has seen a significant increase in volume, pushing prices to the upside. 

However, LCID shares are trading above their 20-day simple moving average (SMA), which stock investors usually use to identify uptrends. As a consequence of the firm’s previous performance, a price above the 20-day simple moving average, and taking this week’s event into account, it seems as if the firm’s short-term momentum is bullish.

The view on Wall Street

According to Citi analyst Itay Michaeli, Lucid’s technical credentials for electric vehicles are unparalleled, backed by years of development experience, a growing brand, and a rapid time to market. Lucid’s price objective was set at $28, while Bank of America analyst John Murphy started coverage with a buy rating and a $30 price target. 

Alternatively, Adam Jonas, an analyst at Morgan Stanley, assigned Lucid a price target of $12.00, saying that the business still has many challenges ahead.

Lucid registers 10,000 VIN

Also worth noting is the assertion that Lucid Group has made a significant step toward formally starting deliveries of the Lucid Air electric vehicle, paving the door for the stock’s bullish thesis to take over the figurative steering wheel. 

Lucid Motors seems to have registered about 10,000 VINs, or around 10,000 reservations for the Lucid Air EV. Remember that each road-legal automobile has its own VIN, a 17-character string that serves as the vehicle’s unique identification. This development is crucial in the lengthy process of bringing the Air EV to market.

And Lucid announcing on Twitter last week; it is increasing the quantity of LucidAir Dream Editions available to 520 to commemorate its EPA range record attainment, and we have an exciting time ahead for investors as news and updates come out of the event itself during the week. 

Whatsmore, only 48 hours after the electric car company raised the quantity of the highly anticipated Air Dream Edition to 520, the vehicle was completely booked.

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