Million

Billion

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Rivian automotive stock price closed at $22.88 with a gain of 2.55% during the last intraday session.</a> </li> 
 <li> <span>2</span> <a>RIVN stock price closed above all the major exponential moving averages.</a> </li> 
 <li> <span>3</span> <a>George Soros, the renowned billionaire investor, increased its stake in Rivian Automotive.&nbsp;</a> </li> 
</ul> 
<p>Rivian Automotive (RIVN) stock price has been printing bullish candles for the last four days, rising from the low of $19.60. The stock price was strongly bullish during the end of July and surged approximately 109%. The annual high was created at $28.06 after which the bullish rally was finished.&nbsp;</p> 
<p>The bears had a strong presence above $28 and pushed prices to correct the bullish move. Recently, RIVN stock price formed support at $19.60 and witnessed increased participation of bulls in the market. The stock price has started to rise in hopes of retesting the annual high.&nbsp;</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh3.googleusercontent.com/H-xK-SCQM_MhXRCG0V1g8UV0Zb6ujZ2hO3fRCsjLZ8mWoaB2betcxM-WoilyQ26As5-cYWJrz8eqAISij1UEcKoFd2ErzVX_R2_m056X_nL1OhPtszddpqL6iNqByEyMGW1OOVSK41QE3wC9sBg4OA" alt="Rivian Automotive (RIVN Stock): Outperforming Expectations"> 
  <figcaption class="wp-element-caption">
    Source: RIVN Stock Price By <a href="https://www.tradingview.com/x/e4HHg6Lm/" rel="noopener noreferrer nofollow">TradingView</a>. 
  </figcaption> 
 </figure> 
</div> 
<p>The last three candles have closed as a strong bullish candle and closed above the resistance level of $21.80. The next hurdle for price resides at support turned resistance level of $23.70. If the RIVN stock price can rise above $23.70, it might rise toward $28 on the condition that bullish momentum prevails.&nbsp;&nbsp;</p> 
<h2 class="wp-block-heading" id="strong-is-rivian-automotive-a-growth-stock-strong"><strong>Is Rivian Automotive a Growth Stock?</strong></h2> 
<p><a href="https://www.thecoinrepublic.com/2023/08/23/rivian-stock-fell-27-is-more-downside-pending-in-rivn-stock/" rel="noopener noreferrer nofollow">Rivian</a> Automotive expects its EV production to double in 2023 compared to last year. The company produced 24,337 vehicles by 2022 and forecasts vehicle production of 52,000 in 2023. In addition to its electric vehicle manufacturing facility in Illinois, the EV company is also building a production plant in Georgia.&nbsp;</p> 
<p>Once Rivian can commence operation in the Georgia production plant, investors can expect large-scale production of electric pickup trucks. The manufacturing facility is expected to have an annual production capacity of 400,000 trucks.&nbsp;</p> 
<p>The EV company delivered 12,600 vehicles to customers, rising from just 4,500 a year ago. Amazon has also placed an order for 100,000 commercial vans to be used in its delivery networks.&nbsp;</p> 
<p>If the price of one commercial van is $75,000, the single contract is worth nearly $7.5 Billion in revenue. George Soros, the billionaire investor, has also increased his stake in RIVN stock in the last quarter from 3.58 Million shares to 4.19 Million shares.</p> 
<h3 class="wp-block-heading" id="strong-will-rivn-stock-continue-its-upward-trajectory-strong"><strong>Will RIVN Stock Continue its Upward Trajectory?</strong></h3> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh6.googleusercontent.com/-XyGAKtNhZ7lCGkL_eUGgZdLJmikOTTpcnnzYfDRxdJ_ToO_qnSpns2nP1QslivTBTsCuIl2_amPpZ3N6S30uCa6N3qeQw_LMw_RRYGwjOs1e2RTqrToF5uawIi6aUgWnxt2lljSwfsbtcKS12RuQw" alt="Rivian Automotive (RIVN Stock): Outperforming Expectations"> 
  <figcaption class="wp-element-caption">
    Source: RIVN Stock Price By <a href="https://www.tradingview.com/x/3eBmfhaH/" rel="noopener noreferrer nofollow">TradingView</a>. 
  </figcaption> 
 </figure> 
</div> 
<p>The <a href="https://www.thecoinrepublic.com/2023/08/23/rivian-stock-fell-27-is-more-downside-pending-in-rivn-stock/" rel="noopener noreferrer nofollow">stock price</a> has climbed above 20,50,100 and 200-day EMAs, implying bullish momentum. However, the Chaikin money flow (CMF) score traded below the 0 mark since 9th August indicating a strong bearish confluence over the price and a rise in the capital outflow. CMF stands at -0.08 suggesting weakness in the market.&nbsp;</p> 
<p>The relative strength index has jumped above the 50 mark, indicating a rise in the participation of bulls in the market. RIVN stock price has crossed above the 20-day SMA of Bollinger and is headed toward the upper band which resides near $25.</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p>Rivian stock price is showing significant growth in the last couple of days. The company also forecasts vehicle production to double in 2023 as compared to the last year which shows progress.</p> 
<h5 class="wp-block-heading"><strong>Technical Levels</strong></h5> 
<ul> 
 <li>Major support: $19.60 and $13.40&nbsp;</li> 
 <li>Major resistance: $28 and $32</li> 
</ul> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.</p>

Rivian Automotive (RIVN Stock): Outperforming Expectations

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Thecoinrepublic.com

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