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US Technical Analysis Report

One NASDAQ– Listed Automobile Stock Poised for Upside as Russell 3000 Inched Higher – RIVN

Mar 08, 2024

Company Overview: Rivian Automotive, Inc. (NASDAQ: RIVN) designs, develops and manufactures electric vehicles and accessories. It sells its vehicles directly to customers in the consumer and commercial markets. This Report covers the Price Action, Technical Indicators Analysis along with the Target Levels, Stop Loss, Support Levels, Resistance Levels, and Recommendation on stock.

US Markets Round-Up

This week, the Russell 3000 index, an important benchmark of the US stock market across market capitalizations, started negatively, however it later transformed into a positive trajectory. The index made high of 2961.037 during the week and settled at 2956.726 with a week-to-date (WTD) gain of ~0.403 percent on March 7, 2024Other major indices, such as S&P 500 and NASDAQ Composite witnessed upside for the week. On March 7, 2024, the S&P 500 index settled at ~ 5157.35 with a WTD gain of ~0.39 percent, while the NASDAQ Composite Index settled at 16273.375 with a WTD loss of ~0.01 percent.  

Having understood the US market performance over the week, taking cues from major global news, and based on technical analysis of the Russell 3000 index for the upcoming week, now let’s have a look at the one NASDAQ-listed stock to pick from the technical standpoint. Noted below recommendation is based on the entry price, target prices, and stop-loss for Rivian Automotive, Inc. (NASDAQ: RIVN) for the next 2-4 weeks duration: 

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