Rivian tries to vent off oversold saturation - Analysis - 26-09-2023

Rivian Automotive's stock (RIVN) rose in the intraday levels, while recouping some recent losses, as it also vents off oversold saturation in the RSI, while the stock trades alongside the downward trend line in the short term, with negative pressure from the 50-day SMA. 

Therefore we expect the stock to return lower, targeting the first support at 19.50, provided the resistance of 23.25 holds on.

Expected trend for today: Likely Bearish