1 Rivian stock price (NASDAQ: RIVN) is stuck in the narrow range of consolidation. 2 RIVN stock price sustains above the 50-day and 200-day EMA showcasing uptrend. 3 Rivian Automotive stock is up by 50% on a YTD basis. Rivian stock price (NASDAQ: RIVN) is up by 50% on a YTD basis...
- 1 Rivian stock price (NASDAQ: RIVN) is stuck in the narrow range of consolidation.
- 2 RIVN stock price sustains above the 50-day and 200-day EMA showcasing uptrend.
- 3 Rivian Automotive stock is up by 50% on a YTD basis.
Rivian stock price (NASDAQ: RIVN) is up by 50% on a YTD basis. It shows a surprising rally from the lows and reverses the positional trend in an upward direction.
RIVN stock price breakout of the $20.00 hurdle with a strong buying volume. It shows that some genuine investors might have accumulated from the lower levels.
Due to that, the recent breakout looks sustainable, and short-term down move will be easily absorbed by the buyers. Rivian stock price closed the previous session at $26.05 with an intraday decline of -4.05%. The market capitalization stands at $24.47 Billion.
Will Rivian Stock rise further or revert down?
Rivian stock (NASDAQ: RIVN ) is in recovery mode and the buyers are dominating near the demand zone. As per the price analysis, $22.00 will act as immediate support for the bulls. Any short-term correction will have a high probability of bouncing back.
On the other hand, if the prices slip below the 50-day EMA then bears might pull the prices down to $18.00.
RIVN Stock Price Analysis on the weekly time frame
RIVN stock forming a long tail rejection candle on the weekly time frame. It shows sellers are active and short-term correction is possible.
The MACD curve is reversing down and might display a negative crossover. It indicates mild bearishness and a sell-off is possible. However, the confirmation is still awaited. The RSI curve at 67 slopes down indicating bearishness and might test the neutral territory.
Conclusion
Rivian stock (NASDAQ: RIVN) lacked the bullish momentum near $7.00 and showed initial signs of a short-term correction. The technical analysis suggests that till RIVN stock sustains above the 50-day EMA, the probability of bounce back remains high.
Technical levels
- Resistance levels: $32.00 and $36.00
- Support levels: $22.00 and $18.00
Disclaimer
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