RIVN has just confirmed yet another higher low! This has also helped it formed a hidden bullish divergence. Price put in a higher low while the RSI put in a lower low (yellow circles). This should signal the existing uptrend will continue.
I have also added 3 trendlines to this chart.
The green trendline represents the support that buyers have maintained since the low in April 2024!
The white dotted line in the middle seems to be some sort of "heartline" for the current trend.
The red trendline at the top is my best estimation of a high. Its hard to say as there are not as many touchpoints to validate this one. We had one slight deviation in July of 2024, but has been a level of old support (Jan 2024) that has currently been flipped into new resistance.
For the time being, price has been supported and should see a move upwards towards the heartline or red upper trendline. But, if/when price breaks the green trendline expect a bear trend following.
I have also added 3 trendlines to this chart.
The green trendline represents the support that buyers have maintained since the low in April 2024!
The white dotted line in the middle seems to be some sort of "heartline" for the current trend.
The red trendline at the top is my best estimation of a high. Its hard to say as there are not as many touchpoints to validate this one. We had one slight deviation in July of 2024, but has been a level of old support (Jan 2024) that has currently been flipped into new resistance.
For the time being, price has been supported and should see a move upwards towards the heartline or red upper trendline. But, if/when price breaks the green trendline expect a bear trend following.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.