RIVN - could break up in near future
RIVN went into basing formation since March 2023, testing the level 15.60 (neckline1) at least 4 times before a successful break up on 29 June, followed 2 days later by a huge volume gap up 3rd July. As of yesterday it closed right at the 2nd neckline @ 21.70, which incidentally is just above it's 200 day moving average (a positive).
It's RSI is very strong and there is a reasonable chance it could be breaking above this neckline2 very soon (scenario 1 indicated in red). However, as it is also rather overbought at the moment, we could see another pullback before another attempt to break up (scenario 2 indicated in blue).
Long the break of neckline 2 with initial stop loss below 19.30 (the recent 2 candles low).
The market is volatile and trade management with trailing stops is a good idea. Balancing between how much wiggle room to give it (ie where to place the stop loss) will take some practice and experience.
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is
It's RSI is very strong and there is a reasonable chance it could be breaking above this neckline2 very soon (scenario 1 indicated in red). However, as it is also rather overbought at the moment, we could see another pullback before another attempt to break up (scenario 2 indicated in blue).
Long the break of neckline 2 with initial stop loss below 19.30 (the recent 2 candles low).
The market is volatile and trade management with trailing stops is a good idea. Balancing between how much wiggle room to give it (ie where to place the stop loss) will take some practice and experience.
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is
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