Weaker technical forecast for Rivian Automotive as stock downgraded to Hold/Accumulate.StockInvest.us, 1 month ago
The Rivian Automotive stock price fell by -2.55% on the last day (Monday, 2nd Oct 2023) from $24.28 to $23.66. During the last trading day the stock fluctuated 6.42% from a day low at $23.37 to a day high of $24.87. The price has been going up and down for this period, and there has been a -0.21% loss for the last 2 weeks. Volume has increased on the last day by 15 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 49 million shares were bought and sold for approximately $1.17 billion.
On Aug 24, 2023, it was reported that Needham gave RIVN a "Buy" grade with a "hold" action.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled.Given the current short-term trend, the stock is expected to fall -8.83% during the next 3 months and, with a 90% probability hold a price between $16.96 and $23.60 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Friday, September 29, 2023, and so far it has fallen -2.55%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely. 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 $22.58 and $22.24. A breakdown below any of these levels will issue sell signals.
On the downside, the stock finds support just below today's level from accumulated volume at $22.35 and $21.62.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 $22.35. If this is broken, then the next support from accumulated volume will be at $21.62 and $20.43.
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 $1.50 between high and low, or 6.42%. For the last week, the stock has had daily average volatility of 5.84%.
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 Buy to a Hold/Accumulate candidate.Check full Rivian Automotive forecast and analysis here.