Rivian Automotice Inc (RIVN) Stock News and Forecast: Can Rivian break $200?

Rivian (RIVN) stock closes up over 4% on Friday.
Electric vehicle stocks continue to be coveted by investors.
Tesla (TSLA) is back on track for fresh all-time highs can Rivian follow?

Ivan Brian FXStreet

Rivian (RIVN) stock is back making gains after a tough few days in the middle of last week. Nothing goes up forever but it looked like Rivian may never come back to earth after its powerful post IPO surge. The stock took three sessions to double in price from the IPO at $78 and powered on above $170. Finally, the middle of last week saw things settle down and some profit-taking naturally hit the stock. Two days of 15% losses was pretty harsh but the EV sector remained strong and Rivian only had to bide its time to see more gains. The stock closed out the week at $128.60, up 4.23%. Still well ahead of the IPO price.

Rivian (RIVN) stock news

Rivian stock lost some ground late on Friday after some headwinds emerged. Firstly the van in development for partner Amazon (AMZN) may have a lower range than previously thought according to a report in The Information. The Information quoted a driver source who said the battery use was about 40% more if the vans heating or colling system was on. However, a Reuters report quoted "Ross Rachey, Amazon's director of Global Fleets and Products, said air conditioning and heating could drain the battery in the vehicles being tested, and these vans did not have the insulation the final vehicles manufactured by Rivian will have". Separately also on Friday Ford (F) and Rivian ended plans to jointly develop an electric vehicle. "We respect Rivian and have had extensive exploratory discussions with them," a spokesperson told Reuters. "However, both sides have agreed not to pursue any kind of joint vehicle development or platform sharing."

Rivian (RIVN) stock forecast

Rivian has retraced to the strong point of control at $128.59. the point of control is the price with the highest amount of volume. Resistance $140 and $150, $150 is strong resistance as there is more volume there. Above $150 nothing too strong until $168 and then all-time highs. Small support at $120.

Author

Ivan Brian

FXStreet

Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.

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