The Long Investor

$RIVN

Added 2024-02-23 16:35:31 +0000 UTC

$RIVN and the EV sector are not in a good situation right now, as there are some signs showing of capitulation in the sector.

$RIVN is down another -9% today after lowering their guidance on production numbers for this year and the price has gone from $28 down to $10 in 6 months, this has happened to a number of EV stocks over the last 6-9 months, so $RVIN is in good company.

We can see that $RIVN has lost the important blue line at $11, which is also the 1 Fib level....so the next potential support levels are at the 1.27 Fib at $8.36 or the 1.618 Fib at $3.93.

Best case scenario now is that the bulls try and recapture the 1 Fib at $11.60 as quickly as possible.