RIVIAN is short-term bullish but don't get overexcited.Rivian Automotive (RIVN) is (for the time being) on a green 1D candle, the first after 5 straight bearish days. Its 1D RSI has rebounded from its massively oversold levels, the same levels that previously caused price increases of roughly +42% and +69% (Jan 27 and March 14). The rebound on the first sequence hit the 0.5 Fibonacci retracement level while the second hit the 0.618 Fib.
Right now those levels are at $38.22 and $42.63. However those aren't just above the Falling Wedge pattern that has directed the trend since mid-February, but also above the 1D MA50 (blue trend-line) which hasn't allowed any 1D candle closing above it and in fact had a strong rejection on March 30, which is the current Resistance and formed the last Lower High of the Falling Wedge.
As a result, we are setting lower targets on this expected short-term rebound. A new +69% rise puts our Target at $33.00, which is a level where the price may make contact with the 1D MA50. On the long-term, the trend remains bearish, especially within the Falling Wedge, unless the price breaks above the last Lower High and 56.90 Resistance, which is where the 1D MA100 (green trend-line) currently is.
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