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Is Now the Time to Buy More Rigetti Computing Stock?
Big shout out to Kevin Cook here at Zacks for knocking this one absolutely out of the park. He’s up over 500% since adding Rigetti Computing (RGTI - Free Report) to his TAZR service in November of last year. That move put this stock on my radar. The Alphabet (GOOG - Free Report) news last night about a huge advancement in its quantum computing research helped boost the whole industry.
That had RGTI pushing up over 50% at one point today, eventually finishing the day 45% higher at $6.49. Volume was an eye-watering 237 million shares on the session. The stock has been up here before. This name traded over $12 back in November 2021. With this breakthrough from Google, has it become the real deal?
Moving Averages: Bartosiak starts by examining the stock's moving averages, such as the 50-day and 200-day moving averages. He points out the significance of crossovers and divergences between these averages, which can indicate potential trend changes.
Support and Resistance Levels: Bartosiak identifies key support and resistance levels on the chart. These levels act as barriers that the stock price must breach or hold above, providing traders with critical decision points.
Chart Patterns: He discusses chart patterns like head and shoulders, cup and handle, or flags, and their relevance in predicting future price movements. These patterns can offer valuable insights into potential bullish or bearish trends.
Volume Analysis: He emphasizes the importance of volume analysis in confirming price trends. An increase in trading volume during a breakout or breakdown can validate the significance of a price move.
Dave Bartosiak's technical analysis approach adds depth to our understanding Rigetti Computing’s stock chart. By paying attention to moving averages, support and resistance levels, chart patterns, technical indicators, and volume, he equips investors with a comprehensive toolkit for making well-informed decisions in the stock market. Remember, while technical analysis is a valuable tool, it's important to consider other factors like fundamental analysis and market sentiment before making investment choices.