Rivian Stock breaks on the Daily and is trading above 21MA for the first time — by C. Afonso

Written by Cláudio Afonso | info@claudio-afonso.com

On January 28th, Rivian ($RIVN) share price hit its All-Time-Low at $50.00, representing a decline from 70% since its All-Time-High (ATH) at $179.47 reached during the first weeks of trading last November. Despite today U.S. Stock Indexes decline (Nasdaq down 1.6% as of 10:31 AM EST), the stock is climbing 7.00%, breaking on the Daily Chart and trading above the 21 Moving Average for the first time ever.

Rivian’s Hourly RSI is currently at 65 — above 70 is normally considered as Overbought and under 30 as Oversold. As we can check below, $RIVN’s RSI is currently testing the Overbought level for the 5th time since its IPO and it went down back to 30 Level all the other 4 times. The last time the Hourly RSI was at this level was last one week ago, Feb. 10th. After that, and pressured by the Russia – Ukraine tensions that have been affecting the Market, the RSI came back to 33 Level — share price was at $57 and formed the diagonal support showed on chart previously shown.

As of Dec. 15, the company had a total reservations for its electric R1T pickup and R1S SUV of 71,000 as of Dec. 15, up 28% compared with the most recent tally of 55,400 vehicles in November. That’s a higher rate than what the company expected, Rivian said.

Despite the +8.21% increase during the last 30 days, $RIVN is down more than 32% since January 1st. The recently confirmed production ramp from 50 to 200 units per week (that represents an annual pace of 10,000 vehicles) plus the 71,000 reservations may give the investors the confidence they need to believe that $50 is the bottom.

5 Dayup +8.71%
1 Monthup +8.21%
3 Monthdown -42.97%
Year-to-Datedown -32.14%

Yesterday, Rivian announced that hired Tim Fallon to be the new Vice President of Manufacturing. Fallon previously worked at Nissan, where he was vice president for manufacturing at the company’s assembly plant in Canton, Mississippi. Tim Fallon worked with Nissan for more than 16 years having 6 different roles before reaching the Manufacturing VP position.

Source: Rivian Automotive

Earlier this week, Capital Research Global Investors initiated holding in Rivian Automotive Inc. The purchase prices were between $89.98 and $172.01, with an estimated average price of $114.72. The impact to a portfolio due to this purchase was 0.57%. The holding were 25,755,740 shares as of December 31st.

According to SEC’s filling document unveiled on Monday, George Soros’ Fund Management, revealed a new stake in electric truck Rivian Automotive valued at $2 Billion.

Written by Cláudio Afonso | info@claudio-afonso.com