RIVIAN About to break its 3 month Channel upwards
Back in May we called for a short-term buy on Rivian (RIVN) but warned investors not to get overexcited:
This time however we find quite a few reasons to be excited as following the break above its Falling Wedge, the stock formed a Channel Up that is about to break upwards on today's strong rise. Within this Channel, the price also succeeded in breaking above both the 1D MA50 (blue trend-line) and the 1D MA100 (green trend-line) and in fact a Bullish Cross between the two is emerging.
The 1W RSI has been steadily rising from its previous oversold state and is now above the 40.00 mark, so if the price breaks above the Channel Up, we expect RIVN to aim for the 56.90 March 30 High, which is the current Resistance. A break above that level, which happens to be on the 0.236 Fibonacci retracement level form the market Top, would constitute a long-term trend shift to bullish.
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This time however we find quite a few reasons to be excited as following the break above its Falling Wedge, the stock formed a Channel Up that is about to break upwards on today's strong rise. Within this Channel, the price also succeeded in breaking above both the 1D MA50 (blue trend-line) and the 1D MA100 (green trend-line) and in fact a Bullish Cross between the two is emerging.
The 1W RSI has been steadily rising from its previous oversold state and is now above the 40.00 mark, so if the price breaks above the Channel Up, we expect RIVN to aim for the 56.90 March 30 High, which is the current Resistance. A break above that level, which happens to be on the 0.236 Fibonacci retracement level form the market Top, would constitute a long-term trend shift to bullish.
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