Earlier today we published a post about RIOT joining the club of stocks blasting through their weekly resistance MA lines (say ‘hi’ to Netflix (NFLX), Bitcoin (BTCUSD), and Shopify (SHOP), although the latter is kinda limping), and yet another one entered the club: Rivian Automotive (RIVN).
RIVN gapped up on Monday and opened right above its best respected moving average resistance lines – the 25-week EMA, which was then at $16.87:
On the 15-minute chart the gap up came right after the stock revisited the 19-period SMA support line:
RIVN ended the week at $24.70, 48.26% above the close of the previous week:
Zoom in to the resistance lines area and you’ll see how perfect it is:
It’ll be interesting to see how Rivian’s stock behaves next week.