A regional sell-side firm initiatedarted coverage of EV maker Rivian Automotive ( RIVN) with a "sell" recommendation. Let's check and see if the price action matches the fundamental story. 
In this daily bar chart of RIVN, below, we can see some signs of improvement. Prices made a low in early May with heavy trading volume. The volume increase tells us that we may have had a shift in ownership from weak hands (traders selling) to stronger hands (investors buying). The slope of the 20-day moving average line has turned neutral but the 50-day moving average line is still pointed down.
The On-Balance-Volume (OBV) line shows a slight move higher from early May and the Moving Average Convergence Divergence (MACD) oscillator is improving and is close to a buy signal.
In this weekly Japanese candlestick chart of RIVN, below, we can see the heavy volume price low in May. The spinning top formations in May are a sign that buyers and sellers are in relatively close balance.
The weekly OBV line shows a slight improvement while the 12-week price momentum is also improving.
In this daily Point and Figure chart of RIVN, below, we can see an upside price target in the $44 area.
Bottom line strategy: I saw a Rivian vehicle in September in the Washington, D.C. area. I should have taken a photo of it to post on twitter but I dropped the ball.
RIVN was trading higher Thursday despite that "sell" recommendation. A security that does not go down in the face of what is bearish news is a signal that the "news" has already been discounted. Aggressive traders could go long RIVN at current levels risking to $25. $44 is our price objective.
