Follow the Trend
$Rivian Automotive (RIVN.US)$ has not surpassed the moving averages since start of this year and that’s what I like about this stock even though I am not an EV fan.
The few reasons I like:
1) Price trading above trend lines
2) Support at $10.00
3) Price was squeezed and breaking to upside
2) Support at $10.00
3) Price was squeezed and breaking to upside
Aim: Jul 05, 24 $11C at $1.24
The only worry is a stubborn CPI report on 12/Jun/2024. Because of that, I shall go small. Or I may add some Jul 05, 24 $10P @ $0.34. I shall see how when the market opens. I have a feeling people will cut or close off any risky positions before 12/Jun/2024. Let’s see. Good luck guys. Cheers.
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PS: Personal opinions and not meant to be financial advice.
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