RIVN is showing a pullback for a long entry Long

Rivian Automotive, Inc.NASDAQ

Description

⋅ Jul 18, 2023 12:34 AM

RIVN on the 2H chart rose 67% to begin July as part of the larger EV sector rally

which included several other tickers including those from UK and China. It has

pulled back significantly since completing a double top on July 13th. Price is

now hovering over and supported by the mean VWAP line anchored to July 1st.

The two time frame RSI indicator shows both lower (blue line) ane higher time

frame ( black line) RSIs at 50 or higher with the blue line closer to that transition

zone. The zero-lag MACD shows the subtle cross under the histogram which

has changed from negative to positive. Overall, although the best entry is at

$20 from a very deep pullback, I believe that RIVN is now setup for a long trade

following a continuation or even a call option contracts trade. I will take a

position in call options at this time.

Comments

AwesomeAvani

⋅ Jul 18, 2023 6:01 PM

Nice price action validating the idea. Stop loss raised to above break-even. This trade is now risk and stress free. Call options with double-digit return in a few hours One out of ten closed to realize the profit.

jaredradosevichffl

⋅ Jul 18, 2023 12:48 AM

Looks good on everything under 4hr on mine. It broke out after consolidating from may to June off that amazon news, I do like it 20 or under as long as I see a reverse trend but it may go pretty low. Competitors news is gonna help it down so will be watching