Quantum Computing shares have surged 25% to their highest level since December, driven by Nvidia CEO Jensen Huang’s bullish comments about the emerging technology. The stock broke out from a rectangle chart formation, signaling a continuation of its strong uptrend.
Investors should watch major overhead areas around $27 and $37.50, as well as key support levels near $15 and $9. Quantum Computing recently completed construction of its Quantum Photonic Chip Foundry in Arizona and has deepened engagement with government and commercial partners.
A rectangle formation breakout occurred after the stock retraced to the 200-day moving average, followed by a higher trend. The relative strength index confirms bullish price momentum but also flashes overbought conditions, potentially leading to short-term pullbacks.
Near-term strength could lift shares to around $27, which may provide overhead resistance near the December peak. Investors can project an overhead area above the December high using the measured move technique.
Key support levels worth monitoring include $15 and $9. Retracements in the stock could see the price revisit support around $15, with investors looking for “buying the dip” opportunities.
Source: https://www.investopedia.com/quantum-computing-stock-jumped-25-on-wednesday-watch-these-key-price-levels-qubt-11753068