Electric vehicles have been in focus since the Inflation Reduction Act boosted green-energy incentives. Let’s check out Rivian Automotive, the truck maker trying to stabilize after a big slide.
The main pattern on today’s chart is a parallel channel forming between roughly $30.80 and $40. RIVN initially bounced at the low in mid-June before proceeding to a four-month high. It pulled back to retest that low in late August before rebounding to $40. The stock ended last week back near the bottom of the range. Will investors look for the recent low to provide support?
Next, stochastics are nearing an oversold condition. RIVN’s bounce in early September followed a rebound from the oversold low. Traders may watch the oscillator for clues again.
Third, in addition to the channel, price is trying to bounce at the 100-day simple moving average (SMA). That could suggest its longer-term trend is getting more bullish.
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Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. You Can Trade, Inc. is also a wholly owned subsidiary of TradeStation Group, Inc., operating under its own brand and trademarks. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: www.tradestation.com/important-information.
The main pattern on today’s chart is a parallel channel forming between roughly $30.80 and $40. RIVN initially bounced at the low in mid-June before proceeding to a four-month high. It pulled back to retest that low in late August before rebounding to $40. The stock ended last week back near the bottom of the range. Will investors look for the recent low to provide support?
Next, stochastics are nearing an oversold condition. RIVN’s bounce in early September followed a rebound from the oversold low. Traders may watch the oscillator for clues again.
Third, in addition to the channel, price is trying to bounce at the 100-day simple moving average (SMA). That could suggest its longer-term trend is getting more bullish.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. You Can Trade, Inc. is also a wholly owned subsidiary of TradeStation Group, Inc., operating under its own brand and trademarks. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: www.tradestation.com/important-information.
