Rivian Automotive Inc - (RIVN) - July 7, 2023
Electric vehicle producer Rivian Automotive (RIVN) was the top performer and one of only 14 stocks in the SIA NASDAQ 100 Index Report to post a gain in the face of yesterday’s broad market correction. Since joining the report back in December, the shares had been stuck deep in the red zone. Boosted by strong growth in deliveries, RIVN has rallied for a 35.0% gain in the last week, enabling the shares to soar up the rankings and climb into the Green Favored Zone. Yesterday, RIVN finished in 22nd place, up 9 spots on the day and up 57 positions in the last month.
This weekly chart shows that shortly after its debut in late 2021, Rivian Automotive (RIVN) shares peaked and then spent 18 months under distribution with the majority of its losses coming in the first few months of 2022 and then again in early 2023. Over the spring, RIVN stabilized in the $11.50 to $17.50 range, building a base that the shares have launched up off of this month, particularly this week with a breakaway gap and rally up above $20.00. A big spike in volume indicates new investor interest.
Based on the 50-week moving average and a measured move, initial resistance may emerge in the $23.00 to $23.50 area, followed by the $30.00 round number. Initial support appears near the $20.00 round number.
A long-term downtrend in Rivian Automotive (RIVN) shares appears to have finally bottomed out back in May. Launching up off of a higher low established in June, and building on a bullish Double Top breakout, the shares have rallied back up above $21.50 to trade at their highest level since December.
Previous column highs and lows suggest potential upside tests may emerge near $26.20, $30.10, and $34.55 on trend. Initial support appears near $19.85 based on a 3-box reversal and a retest of the $20.00 round number.
With a perfect SMAX score of 10, RIVN is exhibiting strength across the asset classes.
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