Friday auction was very interesting to see on RIVN. We bounced from 128 support level to 140 and price was instantly rejected from this point.
Note how prior 140 support level turned into resistance now. 140 was Monday value are low and also Wed LOD which makes it even more meaningful.
This kind of price action is very bearish and given the fact that FORD canceled further collaboration with RIVN I think we may trade 100 soon.
Minor bounce can occur at around 110 and 98 level.
Disclaimer: I'm not certified financial advisor and this is definitely not financial advice. I'm only sharing my recent opinion about the stock.
Note how prior 140 support level turned into resistance now. 140 was Monday value are low and also Wed LOD which makes it even more meaningful.
This kind of price action is very bearish and given the fact that FORD canceled further collaboration with RIVN I think we may trade 100 soon.
Minor bounce can occur at around 110 and 98 level.
Disclaimer: I'm not certified financial advisor and this is definitely not financial advice. I'm only sharing my recent opinion about the stock.
Comment:
Basically we had now the same pattern confirming that bears are in control. Now 120 level turned into ressistance and sellers were able to reload and push price down. Rivian stock price may be ready for the next leg down into 100.
Trade closed: target reached:
100$ marked a bottom. This trade went by the book!