“Oversold Into Earnings: Rivian’s Bounce Setup And 3 More Charts”
Rivian is oversold (RSI 31.85) after falling from $17 to $13.75 since August and is testing a parallel channel bottom for the sixth time since April 2024, where a breakdown has a slight edge; into October 29 earnings a bounce is expected, though a slight drop to $13.51 may come first, with upside to 1553–1575.
Let's start with Rivian, which will announce its earnings soon. But let's see what's been happening with Rivian lately , since August, when its stock price has plummeted from $17 to $13.75.
Now look at this long- term parallel channel. This channel started in April 2024, and hit the bottom once, twice, three times, four times, five times. This is the sixth time. Now, the odds are roughly equal, with a slight advantage to breaking through this zone.