thecoinrepublic.com
- 1 Rivian has recently reported its first-quarter loss which is narrower than expected
- 2 Technical indicators of RIVN are favoring a bullish recovery in price. It is down by 0.07% in the intraday session.
Rivian Automotive is an EV manufacturer established in 2009 and headquartered in Irvine. Rivian vehicles are designed to be rugged and capable of off-road adventures making them a great option for adventure seekers. The company has received significant funding from high-profile investors including Amazon, Ford, and more. The company is expanding its operational capabilities and plans to deliver over 50,000 vehicles next year. Many companies have been hit by supply chain problems and Rivian is no different than others.
Rivian has said that the supply chain problems which are hampering production will continue to be the main limiting factor for the plant output. The company has recently released its quarterly results in which their loss was narrower than expected. Rivian has reported top-line revenue of $661 Million versus the estimates of $660 Million. The company has been working for the past few months to reduce its spending and conserve cash. The loss per share for the current quarter was $1.25 with an estimate of $1.59.
Rivian has a market cap of $13.01 Billion dollar with a negative EPS. The asset price is currently trading very close to 52 weeks low but can observe a recovery soon.
Is RIVIAN Heading For A U-Shaped Recovery?
The weekly technical chart of Rivian hints towards a weak bullish momentum. On the daily chart, it is trading near the value of $13.86 with a small drop in the intraday session. The upside trend of RIVN can see a halt near the value of $20.Meanwhile, the downside trend of the asset price can observe a bounceback from $11. RIVN stock price is forming a U-shaped recovery pattern on the daily chart. This can push the asset price to a new high in the future. RIVN is trading below the 50 and 100 Daily Moving Averages. There can be a positive crossover in the future which can push the price to a new high.
The RSI of RIVN is near 55 suggesting its presence in the neutral zone. There is a positive slope in the indicator which suggests an upside trend in price.
Summary
Rivian has recently released their quarterly results in which they reported a narrower loss than expected. RIVIN stock price can see a strong recovery in the near future.
Technical Levels
Major Support:$12
Major Resistance:$16
Disclaimer
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