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Machine learning algorithm sets Lucid (LCID) stock price for May 2023

Machine learning algorithm sets Lucid (LCID) stock price for May 2023
Jordan Major

Lucid Motors’ (NASDAQ: LCID) stock has recently come under close scrutiny, with investors eager to learn what’s next for this up-and-coming company. 

To shed light on this, Finbold has compiled a chart of historical prices for Lucid Motors’ stock that contain predictions for its trajectory for the coming month. Based on data obtained from PandaForecast’s price prediction model as of April 18, the estimated weighted average target price for Lucid shares is projected to reach $8.10 in May 2023.

Additionally, the market forecast analyzes stock performance using neural networks based on historical data to predict momentum trading for Lucid Motors’ shares will likely show predominantly bullish behavior, with an expected monthly volatility of 14.5%. The optimistic target level for momentum trading is set at $8.71, while the pessimistic target level is estimated to be $7.44. 

LCID May price target chart. Source: PandaForecast

Meanwhile the weighted average target price per Lucid Group share in December 2023 is $8.69 with an optimistic price target of $9.64 for the end of the year.

Lucid chart analysis

Over the past month, Lucid has been trading in a fairly wide range of $7.17 to $8.87. Currently, the stock is trading in the middle of this range, with prices consolidating in recent times. While this may present an attractive entry opportunity, it’s worth noting that there may be some resistance above that could affect the stock’s upward momentum.

LCID has a support level at $7.68, which is indicated by a horizontal line on the weekly time frame. In addition, there’s a support zone ranging from $7.39 to $7.45, which is formed by multiple trend lines in the daily time frame.

In comparison the stock is facing a resistance zone from $7.95 to $7.97, which is formed by important moving averages and multiple trend lines across multiple time frames. Additionally, there’s a resistance level at $8.11, which is indicated by a trend line on the daily time frame.

LCID 1-month price chart. Source: Finbold

Wall Street technical analysis

Analysts on Wall Street have given LCID a consensus ‘buy’ rating from 11 analysts. Notably, 4 have suggested a ‘strong buy.’ Six analysts were with ‘hold’ while ‘strong sell’ was 1.

Wall Street LCID 12-month price prediction: Source: TradingView

Based on analyst stock evaluations for LCID over the last three months, the average price forecast for the next year is $10.50; the target indicates a 32.08% upside from its current price. Interestingly, the highest price target over the next year is $16, +101%.

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