- Various top managers of Rivian has resigned because of tumultuous year for the EV company
- Bears are gaining control in the stock price. It is currently trading near $16.24 with a loss of 1.58%
Rivian is a privately-held electric vehicle (EV) manufacturer based in Plymouth, Michigan. The company was founded in 2009 and is best known for its R1T electric pickup truck and R1S electric SUV, both of which are set to launch in late 2021.Rivian has attracted significant attention in recent years, with major investments from companies such as Amazon and Ford. In February 2019, Amazon announced that it was investing $700 million in Rivian, with the goal of using the company’s electric delivery vans in its delivery fleet. In April 2020, Ford announced that it was investing $500 million in Rivian and that the two companies would collaborate on developing a new electric vehicle. RIVN has been a hot topic among the investors despite a downtrend in EV market. Recently various top executives have resigned because of fall in EV market segment.
RIVN has a market cap of more than $14 Billion with a negative EPS. Various analysts are expecting strong growth in the future.
Bears Are Pushing RIVN Down
The weekly technical chart of RIVN suggests a consolidated trend in price. On the daily chart it is trading near the value of $16 with a drop of 1.5%. The upside move of RIVN can see a halt near the value of $20. Meanwhile a support in price can be seen near $12. There can be a negative crossover in the DMA which can push the price further below. On the 4 hour chart it is trading in a strong consolidated zone. If it sees a fall below $15 a downside move till $12 can be seen.
MACD of the stock price is hinting towards a weak upside move. Bars of MACD are favoring the upside momentum in price.
Conclusion
Rvian stock has seen a strong downfall with the fall in EV market. RIVN stock is currently in a downside move but can see a bounceback soon.
Technical Levels
Major Support:$12
Major Resistance:$20
Source: https://www.thecoinrepublic.com/2023/01/19/rivian-stock-price-prediction-will-rivn-stock-price-hit-a-mark-of-50-despite-a-downtrend-in-ev-market/