0R15 7603.0 -1.7651% 0R1E 7406.0 -1.3848% 0M69 None None% 0R2V 168.75 -0.8811% 0QYR 1341.134 1.2177% 0QYP 392.5 -4.0342% 0LCV 132.52 -0.8084% 0RUK 2940.0 0.616% 0RYA 1742.0 -2.1348% 0RIH 157.95 -0.2211% 0RIH 155.51 -1.5448% 0R1O 171.25 9561.4951% 0R1O None None% 0QFP 8920.4336 76.9927% 0M2Z 296.7062 -0.5009% 0VSO 23.61 -33.6891% 0R1I None None% 0QZI 492.5 -0.1014% 0QZ0 220.0 0.0% 0NZF 859.0151 72.3546%

US Technical Analysis Report

One NASDAQ– Listed Automobile Stock Poised for Upside as Russell 3000 Inched Higher – RIVN

Mar 08, 2024

Company Overview: Rivian Automotive, Inc. (NASDAQ: RIVN) designs, develops and manufactures electric vehicles and accessories. It sells its vehicles directly to customers in the consumer and commercial markets. This Report covers the Price Action, Technical Indicators Analysis along with the Target Levels, Stop Loss, Support Levels, Resistance Levels, and Recommendation on stock.

US Markets Round-Up

This week, the Russell 3000 index, an important benchmark of the US stock market across market capitalizations, started negatively, however it later transformed into a positive trajectory. The index made high of 2961.037 during the week and settled at 2956.726 with a week-to-date (WTD) gain of ~0.403 percent on March 7, 2024Other major indices, such as S&P 500 and NASDAQ Composite witnessed upside for the week. On March 7, 2024, the S&P 500 index settled at ~ 5157.35 with a WTD gain of ~0.39 percent, while the NASDAQ Composite Index settled at 16273.375 with a WTD loss of ~0.01 percent.  

Having understood the US market performance over the week, taking cues from major global news, and based on technical analysis of the Russell 3000 index for the upcoming week, now let’s have a look at the one NASDAQ-listed stock to pick from the technical standpoint. Noted below recommendation is based on the entry price, target prices, and stop-loss for Rivian Automotive, Inc. (NASDAQ: RIVN) for the next 2-4 weeks duration: 

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