Rivian Automotive (RIVN)

Readers will see a closing pennant formation that goes back to July of 2023. This is almost a descending triangle, which would be a bearish pattern, but is not, due to the higher low made this November. The stock sold off from July 2023 into April of 2024 when it bottomed. Resistance had been hit close to the "half-way" back point (50% retracement) in July before selling off yet again.

Readers will see that the stock then hit resistance this November (twice) at the 23.6% Fibonacci retracement level of the entire sell off, which makes a lower high and does appear to be bearish. Relative Strength is healthy as the stock's daily MACD tells us very little with all three components bunched close to the zero bound.

My opinion? This is speculation. That said, there is little in the way of risk versus reward as the share price is rather low. Additionally, the last sale is battling around its own 200-day SMA right now as the 21-day EMA tries to overtake the 50-day SMA. One could bring on increased long-side exposure by portfolio managers, while the other could provide an upward push by the swing trading crowd.

No miracles or promises here, but a take and hold of that 200-day line (currently $12), could produce a last sale around where the next Fib level is, which would be a 38.2% retracement of the entire sell-off.

I have no position.