RIVN: Let's Play a Lottery Trade for Tomorrow, October 30, 2024

Price Action and Trend

RIVN has shown a recent pullback after rallying, with a clear break from the recent high around $11.11. The current price near $10.48 indicates it may be stabilizing after a drop, as indicated by the lower wicks on recent candles, suggesting buying interest.
The uptrend (depicted by a rising trend line) shows potential for a retest of higher levels if support holds.

Support and Resistance Levels

Immediate Support: $9.96 - This is the lower support level that, if broken, may signal further downside.

Current Resistance: $10.86 - If RIVN can break this level, it could revisit recent highs.

Major Resistance: $11.11 - This is the recent peak and a strong level that could determine if the uptrend will continue.

Entry/Exit Points

Entry: A potential entry is around the $10.48 level with a stop-loss below $9.96, aiming for an upside bounce.

Exit/Take Profit: First target around $10.86. If RIVN continues upward, the next target would be $11.11.

Projection
If RIVN maintains support around $9.96 and breaks $10.86, it could continue toward $11.11. However, a breakdown below $9.96 may trigger a deeper correction.

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Always conduct your own research and consult with a professional before trading.