Rivian (RIVN): Added to Position x 2

Rivian (RIVN) sold off once more this week after a disastrous PR fiasco where, on Tuesday, the company tried to raise the prices of more than 70,000 existing preorders by 17-20% across the board, and then backpedaled the move on Thursday. In addition to damaging consumer faith in the company, the sheer amount of the price hike, claimed by management to be needed due to inflation, brings the financials of the company into close consideration.

The resulting selloff triggered two different buy orders for me – one on Thursday at $50.60 and a second on Friday at $46.80, giving me an average buy price of $48.70. As always, it’s important to note that this position is part of the Speculative Basket meaning the quantities are very small and the overall allocation for the position is closely managed as the potential for complete bankruptcy is higher in RIVN than in more-established long-term plays.

The combined orders lowered my per-share cost -14.63% from $99.80 to $85.20. From here, my next buy target is $41.60, determined using Fibonacci Retracement methods, and my next sell target is near RIVN’s all-time at $179.47.

RIVN closed the week at $47.39, down -2.69% from my $46.80 average buy price.

Roblox (RBLX): Added to Position

After briefly recovering over the past few weeks, Roblox (RBLX) once again came under selling pressure and dropped through my next price target with a buy order filling at $43.60 on Friday.

The buy lowered my per-share cost -2.95% from $59.35 to $57.60. From here, my next buy price target is $40.10, near a potential point of support calculated using the Fibonacci Retracement method, and my next sell target is around $137, just under RBLX’s all-time high of $141.60.

RBLX closed the week at $42.29, down -3.00% from where I added on Friday.