Rivian Automotive (RIVN) is the latest electric vehicle maker to join Tesla’s (TSLA) charging standard. This is a win for Rivian owners, but the stock price remains problematic.
Let’s check what is under the technical “hood.”
In this daily bar chart of RIVN, below, I can see some price improvement from late April, but today I can see a large outside day. Futures traders (back in the day) viewed outside days with a lower close as bearish. Prices could retest the rising 50-day moving average line in the days ahead. Trading volume is active and the On-Balance-Volume (OBV) line remains in a downward trend. The Moving Average Convergence Divergence (MACD) oscillator is only slightly above the zero line.
In this weekly Japanese candlestick chart of RIVN, below, I fail to see anything really positive. The weekly candles are all looking like small spinning tops. Prices trade below the 40-week moving average line. The weekly OBV line is weak and the MACD oscillator is bearish but improving.
In this daily Point and Figure chart of RIVN, below, I can see an $18 price target.
In this weekly Point and Figure chart of RIVN, below, I can see a $20 price target.
Bottom line strategy: I do not find the charts and indicators of RIVN to be attractive. The path of least resistance looks to be lower. Avoid the long side of RIVN for now.