RIVN: Let's Play a Lottery Trade for Tomorrow, October 30, 2024
Price Action and Trend
RIVN has shown a recent pullback after rallying, with a clear break from the recent high around $11.11. The current price near $10.48 indicates it may be stabilizing after a drop, as indicated by the lower wicks on recent candles, suggesting buying interest.
The uptrend (depicted by a rising trend line) shows potential for a retest of higher levels if support holds.
Support and Resistance Levels
Immediate Support: $9.96 - This is the lower support level that, if broken, may signal further downside.
Current Resistance: $10.86 - If RIVN can break this level, it could revisit recent highs.
Major Resistance: $11.11 - This is the recent peak and a strong level that could determine if the uptrend will continue.
Entry/Exit Points
Entry: A potential entry is around the $10.48 level with a stop-loss below $9.96, aiming for an upside bounce.
Exit/Take Profit: First target around $10.86. If RIVN continues upward, the next target would be $11.11.
Projection
If RIVN maintains support around $9.96 and breaks $10.86, it could continue toward $11.11. However, a breakdown below $9.96 may trigger a deeper correction.
Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Always conduct your own research and consult with a professional before trading.
RIVN has shown a recent pullback after rallying, with a clear break from the recent high around $11.11. The current price near $10.48 indicates it may be stabilizing after a drop, as indicated by the lower wicks on recent candles, suggesting buying interest.
The uptrend (depicted by a rising trend line) shows potential for a retest of higher levels if support holds.
Support and Resistance Levels
Immediate Support: $9.96 - This is the lower support level that, if broken, may signal further downside.
Current Resistance: $10.86 - If RIVN can break this level, it could revisit recent highs.
Major Resistance: $11.11 - This is the recent peak and a strong level that could determine if the uptrend will continue.
Entry/Exit Points
Entry: A potential entry is around the $10.48 level with a stop-loss below $9.96, aiming for an upside bounce.
Exit/Take Profit: First target around $10.86. If RIVN continues upward, the next target would be $11.11.
Projection
If RIVN maintains support around $9.96 and breaks $10.86, it could continue toward $11.11. However, a breakdown below $9.96 may trigger a deeper correction.
Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Always conduct your own research and consult with a professional before trading.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.