Electric car manufacturer Rivian Automotive Inc. reported financial results for Q4 2023, according to which the loss per share amounted to 1.36 USD and the company's revenue reached 1.31 billion USD.

Analysts had expected a loss of 1.35 USD per share, which led to a decline in quotes. Rivian expects vehicle deliveries in Q1 2024 to be around 10-15% lower than in Q4 2023. The company must also lay off 10% of its full-time employees.

However, Rivian has an agreement with AT&T Inc. for the pilot supply of SUVs and vans. Therefore, the issuer has the prospect of increasing revenue above current expectations.

Given these circumstances, we have chosen to examine the Rivian Automotive, Inc. (NASDAQ: RIVN) stock chart.

On the D1 timeframe, support has formed at 10.06, with resistance at 16.55. Quotes hit a historical low since the company's IPO. Conditions have appeared for corrective growth and a return to the boundaries of the 12-20 channel.

Furthermore, quotes are expected to remain within the side channel. A breakout of its upper limit may become possible after news about Rivian's sales growth or a strong Q1 2024 report.

On the H1 timeframe, a rebound from the 10.06 level could set a short-term target for a price increase at 14.56, while in the medium term, it could hover around 19.57.

Also, we cannot rule out a decrease to around 9. In this case, the targets mentioned above remain the same but have more significant potential for recovery growth.

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