$RIVN looks for renewed momentum

$RIVN looks for renewed momentum


July 2023


Alex Cole

$RIVN has been in a "GO" trend since late June.

At first, the trend meandered sideways as it failed to move significantly higher.  At the end of the month a surge in momentum took the "Go" trend sharply higher and in the beginning of July set new highs. As investors digested those gains, price has once again moved mostly sideways and we have seen a series of Go Countertrend Correction Icons (red arrows) suggesting that price may struggle to go higher in the short term.  The most recent of these has sent GoNoGo Oscillator crashing to the zero line from above.  We will look to see if the oscillator finds support here.  If it does, and can rally back into positive territory then we will be able to say that momentum is once again resurgent in the direction of the "Go" trend and we will look for price to set a new higher high.