Rivian Stock Forecast: RIVN to Follow Bearish Trend on Next Trading Day

Rivian Stock Forecast: RIVN to Follow Bearish Trend on Next Trading Day

Rivian Stock Forecast: For the next trading day, RIVIAN stock’s momentum is bearish and the trade recommendation is SELL.


Latest Rivian Stock Price

Read about Tesla Stock Forecast

Latest Earnings report

  • The company produced a total of 15 k units and delivered 6584 units.
  • Revenue generated from the delivered vehicles was $536 million versus $364 million in Q2.
  • It incurred a net loss of $1724 million and consequently, its EPS is reported at $-1.8.
  • Retained earnings reported a deficit of $11,403 million and its cash and cash equivalents as of September 30th were $13,272 million.

Following the podcast held by the CEO to discuss the strong growth earnings of the company and reaffirm its dedication to fulfilling 25k units of order, the stock price has surged by 9% within 5 days. Also, there were many institutional purchases made out in the meantime. Amazon has the highest stake in the stock’s ownership. Even the California state government’s Pension fund California State Teachers Retirement System (CalSTRS) purchased nearly $300 billion worth of shares. As soon as the news came out, it may have triggered a herding effect on the public investors and compelled more buying of the stock. Due to this the stock price managed to appreciate by 11% in a single day.

Rivian Stock Forecast: Technical Analysis

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Rivian closed on a negative note on the last trading day. Rivian stock price has failed to breach the resistance at $32.03 and the chart clearly shows that Rivian stock price has retreated every time it tested this resistance level. The first level of support for Rivian will be at $28.57 on the next trading day.

Why did Rivian stock price increase?

The Rivian stock price has been trading below the $200 day moving average but traders will have to look for the 30-day moving average line (red line) which is ascending while the price line after forming a downward pattern has converged with the 30-day MA. This is an indication of a bearish run as the 30-day MA line is set to cross the price line from below.

Investors should wait for Rivian stock to move above the 30-day MA before they take any long positions for short-term gains.

Rivian Technical Analysis (RSI)

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On the last trading day, RIVIAN stock was over-purchased. This led to a surge in the price of Rivian stock but after the RSI entered the over-purchased territory, the seller entered, and the price of RIVIAN stock fell.

For the next trading day, RIVIAN stock’s momentum is bearish and the trade recommendation is SELL.

Read: NIO Stock Forecast

Rivian Stock Forecast for the next 12 months

Overall Average49.6
RBC62
Goldman Sachs41
DA Davidson27
Mizuho65
Deutsche Bank46

Looking at the Daily charts of Rivian, we can see that the stock is currently in an ascending triangle wedge which increases its probability of an upward breakout. It will need to cross the 100 Daily Moving Average with a powerful bullish candle which will ensure its sustainability and further retraces the $54 level.

Rivian Stock Forecast Today

Overall OutlookNeutral
1. Market's WisdomNeutral
1a. Market DataPartially Negative
1b. Technical RecommendationBuy
2. Crowd's WisdomNeutral
2a. Social Media BuzzNeutral
2b. Social Media SentimentNeutral

Vineet Agarwal

Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Stocks or Crypto Coins. Please consult a registered investment advisor to guide you on your financial decisions.

Rivian Stock Forecast
Subhash

Subhash

Subhash, Founder of Crowdwisdom360 is an MBA and a Trained Financial Advisor with an extensive background in Forecasting in Financial Services and Politics. He has appeared many times on National TV and has written for a variety of magazines on Wealth Management and Election Strategy.

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