Rivian Automotive (RIVN) stock price extended its gains in its latest intraday trading, as the stock retested an upward trend line that it had previously broken in the short term, attempting through this rise to recover part of its previous losses, while also trying to relieve its clear oversold condition on the Stochastic indicators, especially with continued positive signals from them. This comes amid continued dynamic negative pressure from trading below its 50-day SMA, which reduces the chances of a full recovery in the near term.

Therefore we expect the stock price to decline in its upcoming trading, as long as it remains below the $15.20 resistance level, targeting the $12.80 support level.

Todays price forecast: Bearish