Rivian is bearish on its 1D technical outlook (RSI = 42.757, MACD = -0.170, ADX = 26.255) as it is extendint today yesterday's massive rejection on the 1D MA200. The long term pattern is a Channel Down and we are on the latest bearish wave and about to form a 1D MACD Bearish Cross. The two previous bearish waves of the pattern reached the 1.618 and 2.0 Fibonacci extension respectively, so a progressive lower low is identified there potentially. In any event, we expect at least the 2.0 Fibonacci level to be tested (TP = 8.65).
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