LCID has cleared all major moving averages
Electric vehicles continue to grow in popularity. As the sector and adjacent markets enter the mainstream, it presents a treasure trove of opportunities for investors. Earlier this week, Schaeffer's Investment Research's Senior Market Strategist Matthew Timpane was a featured presenter at the Benzinga Electric Vehicles Conference. You can view the entirety of his presentation here.
Timpane's slot was so well received, we wanted to further highlight the four EV stock picks he discussed. First up, we have Lucid Group, Inc. (NASDAQ:LCID).
Matthew: Reddit's WallStreetBets is getting in on this now so unfortunately, they beat me to it, before I got to you guys. LCID recently broke out of its downtrend after finding support in its base of the $16-$17 range area. Now it's back above all major daily moving averages, and today it's pulling right back into this 150% year to date mark.
If Lucid stock continues to hold this area, that'd be very constructive in the short term. We could see a continued move up to at least the $30-$31 range, that coincides with the $20 billion market cap which is a round number and LCID has tended to hesitate here on those levels as you move up.
I also wouldn't be surprised if you see a little snap back down here to its 200- and 50-day moving averages, taking a lot of people out before it goes higher. I'd be nimble with Lucid stock but in the longer term, I don't think $40 is out the cards. LCID could easily go right back to $40 by the first half of 2022.