PIVN on the 15-minute chart was trading up against the dominant supertrend from last
Thursday. Mid-morning price hit the resistance of the intermediate term mean anchored VWAP
and reversed as suggested yesterday by the bearish divergence on the zero-lag MACD.
Tomorrow is federal news which could increase general market volatility.
I see a short trade targeting 15.25 in the area of the bottom of two-volume profiles
anchored back 2 weeks. The stop loss is 15.9 at the highs of nearby candle wicks. Once the
the move gets underway, those already in long positions may close to take profit and add
into any short selling underway.
Trade closed: target reached
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RIVN closed at 15.0 this morning below the target. Now showing a "W" or "reverse cowgirl pattern" so I think the double bottom will yield more of a trend up next week.
Trade closed: target reached
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See also the long idea that follows this one.
Trade active
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Trade opened long after a recheck after seeing one cruising on the highway. Targets linked here :