The Direction Movement Index (DMI) is already bearish with the negative red line above the green positive line. The Moving Average Convergence Divergence (MACD) is crossing into another bearish formation. The SPAC has broken the range it had held since early March between $21.25 and $24.96. CCIV has broken major support at the 9 and 21-day moving averages. The chart is firmly in bearish territory. The first major price spike happened on Jan 11 as we can see clearly from the chart below. ETF and fund redemptions will lead to further selling and create a self-sustaining move.ĬCIV has one last major support left at $17.62, after that it is lookout below with the close from January 11 at $13.20 being the next target. This will create problems for a lot of ETF's who have positions in a lot of names. CCIV stock forecastĬCIV shares are suffering a nonstop wave of selling as retail meme stocks suffer en masse. Retail traders have grown increasingly frustrated at the lack of access to IPO deals and have turned to SPAC deals as a means of getting involved in a company early, akin to an IPO. The frenzy was mainly down to retail traders, who viewed CCIV and Lucid Motors as the next Tesla. The company is headed by a former Tesla chief engineer, Peter Rawlinson.ĬCIV shares fell victim to the retail frenzy in evidence at the start of 2021 and rallied to extraordinarily expensive levels of nearly $65. Lucid Motors is an electric vehicle startup that is due to release its first EV in the second half of 2021. Michael Klein is a former Citi rainmaker with myriad connections in the financial markets. Churchill Capital IV is a Michael Klein-backed SPAC that merged with Lucid Motors to take it public. Just a little recap for those of you not familiar with the story.
#Cciv lucid free#
Investors may not want to take a loss on what seemed a free bet and those still left with positions may cut at $15 if CCIV shares trade down there. Usually, SPAC PIPE transactions are done at $10, the issue price, but because CCIV was trading near $60 at the time of the Lucid Motors merger, the PIPE was done at the higher price of $15. This will put further pressure on the meme-stock segment.ĬCIV is also getting close to the PIPE placement price of $15. The meme-stock universe is struggling to regain any sort of traction and with multiple ETFs suffering losses, redemptions cannot be too far away. Traders are no longer confined to their rooms with screens and Robinhood to entertain them. Technically CCIV is still in bearish mode until it breaks $21.08, the short term moving average.ĬCIV shares continue to retreat as the hype fizzes out of many retail meme stocks while the economy reopens.
CCIV shares are also very close to the $15 PIPE level.
CCIV shares closed at $19.28 still short of the %20 psychological level. Update: CCIV shares closed out the week in the green on Friday as stock market turned bad news into good and rallied after a terrible jobs report. CCIV shares follow meme and everything higher.CCIV gets a boost from yields and VIX dumping.CCIV shares close nearly 2% higher on Friday.
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