Rivian Could Be Forming a Range

NASDAQ:RIVN   Rivian Automotive
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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