Rivian Automotive, Inc. (NASDAQ: RIVN) is an American electric vehicle manufacturer and automotive technology company. It was founded in 2009 by RJ Scaringe, who is the company's CEO. Rivian's headquarters are in Irvine, California.
As per the previous recommendation on RIVN as on May 13.84, 2023, a ‘Speculative Buy’ recommendation was given on the stock at USD 13.84, and the stock is up ~85% from last recommended price.
Noted below are the details of support and resistance provided in our previous report:
Recommendation Summary as on May 11, 2023
RIVN’s Daily Chart
RIVN Shares recorded a spectacular rally in the past one month as stock moved more than 66% in month. Keeping the fundamentals of the aside, RIVN share has charted into an overbought zone, which implies a pullback from the current trading levels. Hence, a 'Sell' rating is given on the stock at the current market price of USD 25.60, as of July 07, 2023, at 10:55 am PDT.
Note: This report may be updated with details around fundamental and technical analysis, price chart in due course, as appropriate.
Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical issues prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.
Note 1: Past performance is neither an Indicator nor a guarantee of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 07 July 2023. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual’s appetite for upside potential, risks, holding duration, and any previous holdings. An ‘Exit’ from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.
Technical Indicators Defined: -
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.
Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.
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