RIVN: The technical point that will trigger a reversal!
Hello traders and investors! Let’s see how RIVN is doing today!
For the first time since March 30, RIVN is trying to reverse the trend. This reaction is quite good, which is surprising, considering it is a Red Monday, and it is a sign of strength.
Technically speaking, this movement is very interesting. As RIVN just retested the $ 37.61 area as a support again, making it a possible Double Bottom, and it is trying to break the resistance at $ 41.
If RIVN closes above the $ 41 today, it might confirm this pattern. So far, all we see is lower highs/lows, indicating a strong bear trend. However, by defeating the $ 41, it’ll do something new, and this is a good sign of a reversal. We must not lose the $ 37.61, otherwise, RIVN will frustrate this delicate bullish structure.
In the daily chart, it seems RIVN just dropped to fill the gap at $ 37.32, and now it is reacting nicely. If it confirms the bullish structure in the 1h chart, the next resistance to work with is the $ 56.76. Above that point, we have an open gap at $ 60.80 that might help to attract the price to higher levels.
Let’s see how RIVN will close today, and if it’ll keep above the $ 41 area. To me, RIVN looks interesting, so I’ll keep you guys updated on this. Therefore, remember to follow me to not miss any of my future analyses!
For the first time since March 30, RIVN is trying to reverse the trend. This reaction is quite good, which is surprising, considering it is a Red Monday, and it is a sign of strength.
Technically speaking, this movement is very interesting. As RIVN just retested the $ 37.61 area as a support again, making it a possible Double Bottom, and it is trying to break the resistance at $ 41.
If RIVN closes above the $ 41 today, it might confirm this pattern. So far, all we see is lower highs/lows, indicating a strong bear trend. However, by defeating the $ 41, it’ll do something new, and this is a good sign of a reversal. We must not lose the $ 37.61, otherwise, RIVN will frustrate this delicate bullish structure.
In the daily chart, it seems RIVN just dropped to fill the gap at $ 37.32, and now it is reacting nicely. If it confirms the bullish structure in the 1h chart, the next resistance to work with is the $ 56.76. Above that point, we have an open gap at $ 60.80 that might help to attract the price to higher levels.
Let’s see how RIVN will close today, and if it’ll keep above the $ 41 area. To me, RIVN looks interesting, so I’ll keep you guys updated on this. Therefore, remember to follow me to not miss any of my future analyses!
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