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- 1 RIVN stock chart shows bulls dominating the trend after a tough fight near the 200 EMA.
- 2 Rivian Automotive (NASDAQ: RIVN) price may regain momentum to resume the ongoing trend if more buying volume adds up.
- 3 RIVN stock daily chart shows a profit booking after the disclosure of the quarterly results.
Rivian Automotive Inc. (RIVN) stock price shows the domination of the buyers after a close fight near the 200 EMA. The stock is showing a fresh buying after experiencing a profit booking due to quarterly results.
Moreover, the price analysis over the daily chart shows that the price witnessed a consolidation of over 100 days to overcome the prevailing bearish pressure. The breakout triggered a short covering among the sellers. The price hiked by more than 60% in a short span of time expecting an optimistic quarter.
However, the post-earning sessions did not turn very promising as the stock price fell despite the company delivering a good quarter.
Currently, the buyers seem to have regained control after consolidation above the 200-day EMA. Furthermore, the price trades above the significant moving averages and a golden crossover was noted on the charts.
The analysts offering a 1-year price forecast for Rivian Automotive Inc. have a maximum estimate of $44 with a potential of more than 90% to the upside and a drawdown of 35% to reach $15.
RIVN stock option-chain analysis states that the current implied volatility in the market is 57.79% with a decrement of 2.48% in the last trading session. The at-the-money strike price has 4,267 open contracts on the PUT side and 3,136 open contracts on the CALL side indicating the dominance of buyers at the current level. The PUT/CALL ratio is 0.90 indicating that call writers dominate the market as per the data.
RIVN Stock Price Daily Chart Shows Bulls Regaining Control
The RIVN stock price currently trades at $23.10 and the buyers seem to regain control after a close fight near the 200 EMA.
Analysts observe the long-term trend has turned bullish and the bulls have regained control over the short-term trend indicating that the price may surge again to resume the long-term trend. The price might escape to the upper levels if it gains more buying volume near the lower levels.
However, the option chain data shows the bears are still active at the upper levels indicating that the buyers need to struggle to gain full control and surpass the upper levels.
EMAs Shows Golden Crossover on the Daily Chart
The daily RIVN stock price chart shows that the price rebounded from the 200 EMA indicating the dominance of the buyers at the lower levels. The overall technical opinion rating including RSI and MACD signals a 40% buy with a strengthening short-term outlook on maintaining the current direction.
Conclusion
RIVN stock price shows a bullish trend after breaking out of a consolidation and bouncing off the 200 EMA. The price rose 60% before falling due to quarterly results but buyers regained control. Analysts have a positive outlook for RIVN stock, with a maximum potential of 90% and a minimum potential of -35%. The price currently trades at $23.10 and may resume the long-term trend if it gains more volume. However, option chain data shows some resistance from bears at higher levels which may challenge the bullish momentum.
Technical Levels
- Support levels: $19.76 and $15.92
- Resistance levels: $27.30 and $30.44
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
