GraniteShares 2x Long Lucid ETF Plunges 14.39% on Lucid Share Drop
GraniteShares 2x Long Lucid ETF plunged 14.39% on Wednesday as Lucid Group shares fell over 7%. Technical signals show neutral RSI at 49.96 with bullish MACD, while the ETF trades 11.7% below Lucid’s 50-day average ahead of Lucid’s March 12 Investor Day.
1. ETF Plunge Tracks Lucid Slide
The GraniteShares 2x Long Lucid ETF plunged 14.39% on Wednesday, reflecting a more than 7% drop in Lucid Group shares. The leveraged structure magnified the EV maker’s weakness, driving the ETF further below recent trading levels.
2. Technical Indicators Show Mixed Momentum
Technical indicators show neutral momentum, with the ETF mirroring Lucid’s RSI around 49.96 and a bullish MACD crossover. The product remains positioned well under its longer-term moving averages, indicating limited buying support at current levels.
3. Outlook Hinges on Lucid Investor Day
Investor focus turns to Lucid’s March 12 Investor Day for strategic updates. Details on next-generation vehicle architecture and production targets could trigger volatility in the leveraged ETF’s performance.