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Today, Wednesday 03 July 2024, StockCharts365.com has also taken a closer look at a very exciting share in the USA, which has given a strong technical buy signal.


[03 July 2024]


Today, Wednesday 03 July 2024, StockCharts365.com has also taken a closer look at a very exciting share in the USA, which has given a strong technical buy signal.

 

First, a little about Rivian Automotive Inc. (ticker on Nasdaq: RIVN)


Rivian Automotive Inc designs, develops, and manufactures category-defining electric vehicles and accessories. In the consumer market, the company launched the R1 platform with the first generation of consumer vehicles: the R1T, a two-row, five-passenger pickup truck, and the R1S, a three-row, seven-passenger sport utility vehicle (SUV).


For more information about the company, visit their website here:




 

Technical Analysis of Rivian Automotive Inc. (ticker on Nasdaq: RIVN)


Technical Analysis of Rivian Automotive Inc. (ticker on Nasdaq: RIVN)


A strong technical buy signal has been triggered for Rivian Automotive (RIVN) following a breakout from a large inverse head and shoulders formation.


The potential for the stock according to this inverted head and shoulders formation is initially up to around USD 20.00 (cf. red dashed lines in the chart).


The next technical resistance level will then be around USD 25.00.


There may therefore be a significant upside now for the Rivian Automotive share, which has a potential of around USD 20.00 in the short term (1-3 months) and USD 25.00 - 28.00 in the medium term (3-6 months).


What is special about this stock now is that the aforementioned reverse head and shoulders formation is also a technical analysis term 'island signal'. This provides further positive technical signals for the further development of the share in the short and medium term.


The overall technical picture for Rivian Automotive Inc. (RIVN) is clearly positive now, and indicates a further rise to USD 20.00 - 28.00 in the next 1-6 months.


 

NB! Remember to have read and understood the disclaimer.

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