“Electrifying” Moves:

The electric automobile plays have been putting on a show as of late. Of course, we are all aware of what TSLA has done, which is a very casual move from the very round par number (with a WEEKLY bullish hammer candle the first week of 2023) to basically 300 here. It is higher 8 of the last 9 weeks and the very round 400 figure may not be out of the question, which the stock touched in late 2021 and early 2022. Below is the chart of peer RIVN, which was late in getting the rally memo, and notice it has doubled in PRICE in less than one month as it has carved out a bull flag. On its WEEKLY chart, there are a few positives with the week ending 7/7 screaming higher by nearly 50% in gigantic volume (the week prior jumped more than 23%). Last week preserved all of that move CLOSING essentially UNCH. If it CLOSES in this area it will complete a very bullish 3-week tight pattern as the prior 2 both CLOSED within just .12 of each other. For those that think a pullback is in the cards, there is a gap fill near 22 from the 7/6 session. My belief is that the flag will be taken out before that but as always let PRICE confirm.

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