(Finance) – The stock is moving sharply lower Rivian Automotive which exhibits a negative percentage change of 10.02%.
The news released by the company according to which Rivian Automotive recorded an increase in vehicle production in the fourth quarter, but a decline in deliveries compared to the previous period, contributes to weighing on the shares.
In detail, the company delivered 13,972 vehicles from October to December, a decrease of 10.2% compared to the third quarter of 2023, but in line with consensus expectations.
The progress of American electric car manufacturer in the week, compared to Nasdaq 100detects a lower relative strength of the stock, which could become prey to sellers ready to take advantage of potential weaknesses.
The medium-term implications of Rivian Automotive confirm the presence of a bullish trend. However, the short-term scenario highlights an exhaustion of the positive strength at the resistance test identified at 21.73 USD with the first support seen at 20.7. Expectations are for a negative extension in an appropriately short time towards 20.29.