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- 1 Rivian Automotive Inc. RIVN stock is in a huge problem due to recent losses and some wrong calls.
- 2 RIVN shares slipped below the 20, 50, 100, and 200-day daily moving averages.
- 3 Rivian Automotive Inc. (NASDAQ: RIVN) managed to gain around 44.14% in the last six months.
Rivian Automotive Inc., RIVN stock is in huge trouble due to some recent institutional decisions that may prove wrong. RIVN share price has been caged inside the horizontal range-bound area over the daily time frame chart. However, RIVN shares are currently trading near the lower price range of the consolidation phase. Rivian stock price has been struggling to gain significantly due to losses.
Even though the losses are increasing, Rivian is considering their savior to be the debt market. However, raising money from the debt market is risky and may affect the current market value of the company. Rivian Automotive Inc. has been a reliable electric vehicle manufacturing company since the time it entered public markets, but it kept on running into bigger and consistent problems. Burning more and more money in operations led Rivian to think of opening another manufacturing plant to maintain the cash flow.
RIVN stock price was at $19.30 and lost slightly around 0.16% of its market capitalization during Friday’s trading session. Trading volume (29.36M) was below the average (66.563M) and needs to grow during Monday’s trading session. This demonstrates that buyers need to accumulate at a higher rate in order to push RIVN upwards.
Will RIVN Stock Skip Consolidation?
RIVN stock price has been consolidating inside the horizontal range-bound area since August 2023. Now, buyers need to accumulate at a higher rate in order to push RIVN shares upwards. Meanwhile, RIVN share has been trying to break out from the consolidation phase but failed to sustain at the upper threshold. RIVN shares slipped below the 20, 50, 100, and 200-day daily moving averages.
RIVN stock price increased by approximately 8.89% in the past week but declined by 16.99% over the course of a month. Over the last three months, Rivian experienced a decrease of 23.87%, but its performance over the past six months showed an impressive gain of about 44.14%. Notably, Rivian’s stock saw a slight surge of 2.12% year to date.
Technical indicators highlight the sideways momentum of Rivian stock. The relative strength index confirms the consolidation phase of RIVN shares. RSI was at 40 and is flat below neutrality. Investors in Rivian Automotive Inc. (NASDAQ: RIVN) need to wait for any directional change over the daily time frame chart.
Summary
Rivian Automotive Inc. RIVN stock is in huge trouble due to some recent institutional decisions that may prove wrong. Even though the losses are increasing, Rivian is considering their savior to be the debt market. Meanwhile, RIVN share has been trying to break out from the consolidation phase but failed to sustain at the upper threshold. Technical indicators highlight the sideways momentum of Rivian stock.
Technical Levels
Support Levels: $18.63 and $17.78
Resistance Levels: $21.08 and $24.88
Disclaimer
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Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
