Rivian Automotive (RIVN) Crossed Above the 50-Day Moving Average: What That Means for Investors
Rivian Automotive (RIVN) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, RIVN broke out above the 50-day moving average, suggesting a short-term bullish trend.
The 50-day simple moving average is a widely used technical indicator that helps determine support or resistance levels for different types of securities. It's one of three major moving averages, but takes precedent because it's the first sign of an up or down trend.
Shares of RIVN have been moving higher over the past four weeks, up 9.6%. Plus, the company is currently a Zacks Rank #3 (Hold) stock, suggesting that RIVN could be poised for a continued surge.
Looking at RIVN's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 4 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on RIVN for more gains in the near future.
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Rivian Automotive, Inc. (RIVN) : Free Stock Analysis Report
