Rivian Coasts Sideways Following Parabolic Rise: The Bull, Bear Case For The Stock
Portfolio Pulse from Melanie Schaffer
Rivian Automotive, Inc (NASDAQ:RIVN) opened over 2% lower on Tuesday after a significant rise over the last month. The company's relative strength index (RSI) reached 86% on Monday, indicating a potential retracement to the downside. The stock's consolidation on Tuesday was taking shape in the form of an inside bar pattern, with the price action taking place within Monday’s trading range. The stock’s parabolic move higher caused it to regain the 20-day simple moving average (SMA) as support, which has thrown Rivian into a bull cycle.
July 11, 2023 | 2:34 pm
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Rivian's stock opened lower after a significant rise, indicating a potential retracement to the downside. The stock's consolidation and the regaining of the 20-day SMA as support has thrown Rivian into a bull cycle.
Rivian's stock opened lower after a significant rise, which is often a sign of a potential retracement to the downside. However, the stock's consolidation and the regaining of the 20-day SMA as support has thrown Rivian into a bull cycle, which could potentially lead to further price increases in the future.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100