Shares of Rivian Automotive Inc. ( RIVN) are rallying Thursday, ahead of releasing its second-quarter earnings results after market close. Let's check and see if the charts are charged up enough for further gains. 
In this daily bar chart of RIVN, below, we can see that prices have made a saucer-like bottom pattern. Prices are now trading above the rising 20-day and the rising 50-day moving average line (yes these averages are shorter than normal). Trading volume has declined from early May but the On-Balance-Volume (OBV) line has improved. The Moving Average Convergence Divergence (MACD) oscillator has moved above the zero-line for an outright buy signal.
In this weekly Japanese candlestick chart of RIVN, below, we see price improvement but not much else.
In this daily Point and Figure chart of RIVN, below, we can see an upside price target in the $42 area.
In this weekly Point and Figure chart of RIVN, below, we can see a $49 price target.
Bottom line strategy: We were warming up to RIVN in our July 6 review and wrote that "Traders who went long RIVN in early June should continue to hold those positions. Aggressive traders could add to longs on strength." Now I want to pivot to a "take profits on a scale up" strategy. Use available strength toward $42 and higher to take profits.
