Rivian (RIVN.us) shares are gaining after an upgrade by Evercore ISI analyst Chris McNally. He upgraded the company from hold to buy and moved his price target from $30 to $35 per share.
It is possible that the company is accelerating production - the upgrade comes ahead of Rivian's Q3 results and production numbers.
The stock has reacted favourably. Its green 5-day EMA has crossed bullishly above its orange 10-day EMA (black ellipse), and the EMAs may be starting to show angle and separation to the upside.
The daily RSI has also moved above 50 (green rectangle). This is the bullish side of the indicator and denotes an underlying positive momentum. The longer the RSI can maintain above 50, the greater the likelihood that the momentum will support Rivian's price up.
According to FactSet, over 60% of analysts that cover Rivian, rate the company a buy. The stock is up about 28% for the year-to-date.
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.