Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
Rivian stock price (NASDAQ: RIVN) soared 48% last previous week. It grabbed the attention of the investors as well as speculators.
RIVN stock turned out to be one of the top performing stocks last previous week. It will be interesting to see whether the buyers are able to hold the higher levels.
Rivian Automotive stockn witnessed a massive increase in the buying volume indicating the short covering or a fresh buying. The momentum in the stock price looks strong which created a FOMO in the market participants.
RIVN stock price holds the 50 day EMA and also succeeded in climbing above the 200 day EMA. It shows that bulls are returning back to track and trying to reverse the positional trend in upward direction.
The confirmation of the trend reversal will come when Rivian stock is able to sustain the price above $20.00 in coming weeks.
Rivian Automotive stock price broke out of the swing high hurdle at $22.00 which takes the prices to the YTD highs. The momentum is still intact and buyers’ dominance is visible.
Rivian stock price closed the previous session at $24.70 with an intraday rise of 14.25%. The market capitalization stands at $23.20 Billion.
Is the rally in Rivian Stock Speculative
Rivian stock price consolidated for a few months in the narrow range between $12.00 to $16.00. Recently, the buyers succeeded to break out of the higher range and expand upward which triggered a positive sentiment.
The recent rally in RIVN stock might be due to the short sellers but signs of some genuine buying is also visible. Till the Rivian stock price sustains above $18.00, any short term drop will be easily absorbed.
Therefore, the up-move looks reliable and the probability of reaching $28.00 remains high. The technical analysis suggests, that the trend of RIVN stock is reversing and more upward momentum is possible.
RIVN stock Price is Performing Well After a Long Time
RIVN stock price performed well after a very long time and raising hopes among the long term investors. It formed a strong bullish candle on the weekly time frame, indicating the signs of revival in the stock.
However, the Rivian stock price looks mildly overstretched, so it might enter the consolidation phase for price stability. The distance between the MACD curve and the moving average is getting wider and the histogram is making higher highs indicating bullishness. The RSI at 84 entered the overbought territory, so a minor selloff is also possible.
Conclusion
Rivian stock price (NASDAQ: RIVN) soared 48% in a single week. RIVN stock almost doubled and rewarded the short term bullish traders. The recent up-move in the Rivian Automotive Stock looks reliable and likely to hold the higher levels in the coming month.
Technical levels
Resistance levels: $28.00 and $30.00
Support levels: $18.00 and $12.00
Disclaimer
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.
Source: https://www.thecoinrepublic.com/2023/07/09/rivian-stock-soars-48-rivn-stock-price-doubles-in-a-week/