A breakdown in Lucid very likely after 2023 Q2 Earnings

Lucid's technical analysis suggests that the stock has been trading in a rangebound fashion between $7 to $8 for a considerable period of time.

It did briefly reach $8, but it has consistently returned to the $7 level, indicating a support level at $7.

However, recent lower delivery production numbers have resulted in high trading volume, causing the stock to decline below $7.

This points out a potential breakout from the established range, with the next significant support level expected around $6.

The upcoming earnings release on August 7th may be a catalyst for the stock to reach the $6 range.

If the support at $6 fails to hold, it could trigger a significant decline.

The Relative Strength Index (RSI) 2 is currently in the positive territory, suggesting an overbought condition that needs to cool down.

Considering all these indicators, there is a possibility that Lucid may break below the $6 level in the near future