Big movements in Rivian Automotive stock price on Wednesday moving 15.38% between high and low

The Rivian Automotive stock price gained 23.24% on the last trading day (Wednesday, 26th Jun 2024), rising from $11.96 to $14.74. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 15.38% from a day low at $14.17 to a day high of $16.35. The price has been going up and down for this period, and there has been a 24.6% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 208 million more shares were traded than the day before. In total, 261 million shares were bought and sold for approximately $3.84 billion.

On Jun 26, 2024, it was reported that Wedbush gave RIVN a "Outperform" grade with a "hold" action.

Given the current short-term trend, the stock is expected to rise 16.83% during the next 3 months and, with a 90% probability hold a price between $11.81 and $17.22 at the end of this 3-month period.

The Rivian Automotive stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $11.48 and $10.94. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, April 15, 2024, and so far it has risen 75.48%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

On the downside, the stock finds support just below today's level from accumulated volume at $11.96 and $11.40.There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Rivian Automotive finds support just below today's level at $11.96. If this is broken, then the next support from accumulated volume will be at $11.40 and $11.19.

This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $2.18 between high and low, or 15.38%. For the last week, the stock has had daily average volatility of 8.12%.

Rivian Automotive holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Hold/Accumulate candidate.