Is $RIVN powering up for new highs?

Is $RIVN powering up for new highs?


August 2023


Alex Cole

$RIVN has been in a "Go" trend since late May.

The beginning of July saw a sharp move higher.  However, for most of July, we saw price creep mostly sideways or slightly higher as it fought to deal with Go Countertrend Correction Icons (red arrows).  Price is now challenging horizontal resistance and edging its way to new highs.  At the same time, GoNoGo Oscillator has found support at the zero line.  This tells us that momentum has remained on the side of the "Go" trend and is even resurgent in that direction.  We will look to see if this is enough to push price significantly higher.