Is Rivian Now Investable? It might be. How's that for a...

Is Rivian Now Investable? It might be. How's that for a non-committal answer? The firm has for now, significantly improved its still imbalanced cash flow picture. Note, I traded this name oovernight, but did not hold on to any shares overnight. Those prices did seem a little too euphoric.

Okay, hope you have your thinking caps on because there's a lot going on here. Relative strength and the stock's daily MACD have both spiked. That's in direct response to the news and probably meaningless. We had RIVN run into resistance this morning at a 31.8% Fibonacci retracement of the July 2023 into April 2024 sell-off. That's quite bearish. The stock has now filled the gap created in February, while creating a new one this morning. This too, is probably bearish in nature. The stock has found support at its 50-day SMA and retaken its 200-day SMA. This could have be bullish, except that the stock did not hold that 200-day line. Lastly, the shares have broken out of a downward sloping Pitchfork model that has been in place since last July, eleven months ago. This too, could be bullish as the 200-day line has fallen, the upper tine of the Pitchfork might catch the shares ahead of filling the new gap. This is this morning's last line of defense.