Shares of Rivian Automotive Inc. ( RIVN) , the fairly new U.S. electric vehicle automaker, are headed lower Friday after the company reported a huge bottom-liine miss Thursday night. The company seemed to attract interest from investors because it was designing off-road vehicles and promised a longer range per charge. 
We don't have a lot of trading history, but let's check out the charts and indicators of Rivian.
In this daily Japanese candlestick chart of RIVN, below, we have limited data but what we see is bearish. Prices are trading below the declining 20-day moving average line. We do not have enough price history for the 50-day line. The daily On-Balance-Volume (OBV) line is in a decline, telling us that sellers of RIVN have been more aggressive than buyers. The 12-day price momentum study is not suggesting a slowing of the decline yet.
In this daily Point and Figure chart of RIVN, below, we can see the software is projecting a downside price target in the $74 area.
Bottom line strategy: I am in the market for an EV, but the charts of RIVN tell me not to be in the market for shares of this EV maker. Avoid.
