$RIVN set to deal with overhead supply

$RIVN set to deal with overhead supply


July 2023


Alex Cole

$RIVN has seen price jump sharply this week as the "Go" trend strengthens.

The electric car maker has been in a "Go" trend since rallying from a low at the end of April. GoNoGo Oscillator was able to break into positive territory first, and then GoNoGo Trend began to paint "Go" bars late May.  Initially price struggled with horizontal resistance but then was able to emphatically break through earlier this week.  Now, with GoNoGo Oscillator in overbought territory we see price set to deal with more resistance from earlier highs we see on the chart.  We will look for price to consolidate perhaps at these levels and perhaps if momentum stays positive and then make an attempt at a new high.