TSLA, F and RIVN Forecast – Automakers Look to Rally Going Forward?

TSLA Technical Analysis

Tesla, it looks like it’s going to open down just a touch on Tuesday, but it is in the midst of trying to break out of a larger symmetrical triangle, and had a couple of strong days in a row, so a short-term pullback probably will attract a certain amount of buying due to value hunting. All things being equal, based on the symmetrical triangle, using the measured move, you could see a potential move all the way up to $435 or so, but that is longer-term speculation. Short-term pullback should continue to attract interest.

F Technical Analysis

Ford looks like it is going to continue to threaten the psychologically important $12 level. And as a result, I do think it’s going to run into a little bit of trouble here. And there’s a huge gap from last summer that starts right at the $12 level. So, it’ll be interesting to see if we can eventually fill that gap going all the way to the $13.75 level or so. It certainly looks as if it has the momentum at this point. The question is, can we break this barrier?

RIVN Technical Analysis

Rivian looks like it’s going to open up pretty much flat from the close on the previous session here on Tuesday, but it’s worth noting that we formed a massive shooting star at the 200 day EMA in this market. So, it looks like it may need to pull back a bit. It does seem to have significant support in lower levels, especially right around the $12 level. So, we’ll have to wait and see whether or not that holds. If we can break above the highs of the Monday session, that opens up a move to the $14.50 level, possibly even $15.

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