Lucid Group Inc. (NASDAQ:LCID) finds itself in a precarious position as its stock forms a Death Cross—a bearish signal where the 50-day moving average ($2.94) falls below the 200-day moving average ($3.02).
Chart created using Benzinga Pro
While this technical event is often seen as a harbinger of further declines, the EV maker is clinging to brighter prospects, including its upcoming Gravity SUV.
Read Also: GM Unveils 2026 Cadillac Vistiq Electric SUV With Starting Price Below Tesla Model X, Lucid Gravity
Fundamental Wins, Technical Woes
Lucid recently posted better-than-expected third quarter results, delivering $200 million in revenue and a narrower adjusted loss of 28 cents per share. Production momentum continued with 1,805 vehicles produced and 2,781 delivered in the third quarter, keeping the company on track to hit its 9,000-vehicle annual production goal.
CEO Peter Rawlinson struck an optimistic tone, highlighting the record deliveries and the highly anticipated Gravity SUV, which is slated for production in late 2024.
Despite this progress, Lucid's stock performance paints a different picture, down 51% over the past year and 17% in the last month alone.
Technical Indicators Signal Trouble
Lucid's stock remains firmly in bearish territory:
- The share price of $2.13 sits below the eight-day ($2.15), 20-day ($2.26), 50-day ($2.94), and 200-day ($3.02) simple moving averages.
- The Moving Average Convergence Divergence (MACD) indicator stands at -0.23, reinforcing the bearish sentiment.
- With a Relative Strength Index (RSI) of 35.36, Lucid is nearing oversold territory but hasn't yet signaled a reversal.
Analysts Hold Mixed Sentiment
Lucid's better-than-expected earnings haven't swayed the stock's downward trajectory, and analysts remain cautious. The Death Cross on the charts amplifies concerns about whether the Gravity SUV's late-2024 production can inject much-needed momentum into the EV maker's stock performance.
For now, Lucid's technical setup suggests that "Gravity" isn't just the name of its new SUV—it also reflects the stock's downward trajectory.
Photo by Jonathan Weiss on Shutterstock
