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RIVN is showing a pullback for a long entry
Rivian Automotive
Long
RIVN is showing a pullback for a long entry
By AwesomeAvani
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Jul 18, 2023
5
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Jul 18, 2023
RIVN on the 2H chart rose 67% to begin July as part of the larger EV sector rally
which included several other tickers including those from UK and China. It has
pulled back significantly since completing a double top on July 13th. Price is
now hovering over and supported by the mean VWAP line anchored to July 1st.
The two time frame RSI indicator shows both lower (blue line) ane higher time
frame ( black line) RSIs at 50 or higher with the blue line closer to that transition
zone. The zero-lag MACD shows the subtle cross under the histogram which
has changed from negative to positive. Overall, although the best entry is at
$20 from a very deep pullback, I believe that RIVN is now setup for a long trade
following a continuation or even a call option contracts trade. I will take a
position in call options at this time.
anchoredvwap
continuationpatterns
continuationtrade
evstocks
Moving Averages
Oscillators
RIVN
Tesla Motors (TSLA)
Volume
vwapbands
vwapbounce
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