RIVN Stock Price Prediction: Will Profit Booking Continue?

• RIVN stock price slid 0.5% in the last trading session and is currently trading at $156.11.
• Rivian Automotive’s share price (NYSE: RIVN) has a price-to-earnings ratio of 26.59.

Rivian Automotive (NYSE: RIVN) is a company that creates electric vehicles and accessories with a unique design and performance. It was founded by Robert J. Scaringe in 2009 and is based in Irvine, California.  

Rivian Automotive’s share price currently trades at $21.91, declining 1.97% in the last trading session. RIVN stock holds a market cap of $20.58 Billion. It has a total of 939.3 Million shares outstanding. The PE ratio for the stock is negative. The price-to-sales ratio of the stock is 12.66.

RIVN Stock Price Prediction Using Price Action Strategy

RIVN share price analysis reveals that the stock price consolidated near the all-time low in a range of nearly 25% from March 2023 to June 2023 after a decline. Thereafter the price surged 50% in July 2023. Breaking above the consolidation phase thus shifting its long-term trend to an uptrend. 

The price consolidated near the swing high before the disclosure of the results that turned profit booking after the disclosure of the results. 

Recently, the price slid more than 15% in the past week after the disclosure of the results. The short-term outlook for the stock indicates the continuation of the profit booking and the price may slide to sustain near the recent support.

The long-term trend still stands on the positive side as the price is trading above the 200 EMA and the price may form a higher low and might resume its long-term trend.

RIVN Share Price Forecast from Indicators’ point of view

As per the EMA analysis, the RIVN stock price is trading above 50 and 200 EMA which indicates a strong uptrend prevailing on the charts. The EMAs may act as support and try to surge the price higher if the price declines. 

At the time of publishing, the RSI value of the RIVN  share price is 42.67 and that of the SMA line is 61.99. RSI is declining which indicates a short-term bearishness in the market. 

MACD lines have made a bearish crossover and the histogram bars are increasing in height which indicates the continuation of the bearish sentiment in the short-term. 

Conclusion

RIVN stock price prediction concludes that the stock price hiked 50% in July 2023 after consolidating near the low. It then declined after the results and may continue to do so. The short-term outlook is bearish as the price is near the recent support. The long-term trend is bullish as the price is above the 200 EMA and may form a higher low.

Technical Levels

• Support levels: $20.03 and $16.22.
• Resistance levels: $27.9 and $32.3.

Disclaimer

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