RIVN is trading within a range under the red resistance line, and has a green buy zone between $8.23 and $10. I would look for buy opportunities in the green buy zone for all entries. For swing trading, there are nine swings from the green buy zone to the red resistance line, which gives a price target around $15-$16 depending on when we reach the target. There is also a white trendline around $12.78 that can act as support or resistance on the way up/down.
The current news looks very positive, the Biden administration is giving Rivian a $6.6 B loan to build a Georgia power plant. The key challenge is that Biden is almost out of office and it is unclear whether this loan will go through in time. RIVN seasonality is not very favorable over the next few months, I think there will be more buy opportunities in the green zone.
