(Finance) – It drops on the market Rivian Automotivewhich suffers with a decline of 8.86%.
The downgrade from UBS contributes to weighing on the shares of the American electric car manufacturer. Analyst Joseph Spak raised his rating to “sell” from the previous “buy” and cut the target price to 8 dollars from 24.
The technical scenario seen in one week of the stock compared to the index Nasdaq 100highlights a slowdown in the trend of American electric car manufacturer compared toUS technology stock indexand this makes the stock a potential selling target for investors.
The technical framework of Rivian Automotive signals a widening of the negative trend line with a descent to the support seen at 10.15 USD, while on the upside it identifies the resistance area at 10.87. Forecasts are for a possible further decline with the target set at 9.87.