Rivian Automotive Stock Discussion

“RIVN showing signs of strength! Trading at $11.735 (+1.16%), breaking above the Bollinger Band midline ($10.49) with RSI nearing bullish territory (72.99). Volume at 65.7M signals strong interest. Watch for a break above $12.25 resistance for continuation! 🚗📈

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...