Rivian (NASDAQ: RIVN) stock price is on fire these days. After an 84% price increase in the last two weeks, the stock of the EV company has caught the attention of most investors. A close look at its chart reveals that the price action has run through two massive resistance levels without any hassle.
On Tuesday, the US stocks experienced high volatility due to the release of June CPI data. The markets closed the day with bullish sentiment as the benchmark indices gained a few points. Rivian stock opened lower and closed the day 2.6% below Monday’s closing price.
Why Is Rivian Stock Rising?
The latest surge in the shares of Rivian Automotive can be attributed to the strong delivery numbers in the second quarter. The demand for electric vehicles remains elevated as the other EV makers also posted strong delivery numbers.
The company delivered 12,640 vehicles in the second quarter, which was a 9.3% increase from the analyst expectations of 11,300. This announcement was the primary reason behind the surge in Rivian stock price, which is now trading at its highest level since December 2022.
Rivian Stock Price Prediction July 2023
It is quite evident from the following NASDAQ: RIVN chart that the buyers are stepping over each other to buy this stock. As I mentioned in my long-term Rivian stock price prediction, the $20 level was the line in the sand for many traders.
The bullish momentum not only reclaimed this level but also broke out of the downward trendline, as shown in the following chart. To be honest, I’m surprised that the stock didn’t pull back from any of these levels. Nevertheless, for a confirmation of a bullish reversal, the price must retest the downward trendline and flip it into a support level.
I’ll keep posting my updated Rivian analysis and my personal trade setups on Twitter, where you are welcome to follow me.
