Usman Salis
⬤ Rigetti Computing (RGTI) has retreated from its recent highs and is now trading around the $21 mark. This price level is currently being tested as a key support zone following the stock's earlier rally and subsequent decline. The stock is consolidating in this area as the market waits to see if buyers will step in to defend this level.
⬤ If RGTI breaks below $21, the next support zone to watch sits between $16 and $18. This range has been identified as a potential area where the price could stabilize if selling pressure continues. The recent move represents a sharp pullback from the previous peak, and traders are now focused on how the stock behaves around these critical support levels.
⬤ Looking at the upside, the first major target for RGTI is $29.77 if the stock manages to bounce from current levels. This price point has been highlighted as the initial recovery target following the recent decline. Right now, traders are monitoring whether RGTI can hold the $21 support before any meaningful move toward that upside target can develop.
⬤ With RGTI sitting at a well-defined support area, the question is whether the bullish momentum from earlier in the year can hold up. Staying above $21 could signal that the stock is stabilizing after its sharp correction, while a drop into the $16-$18 range would suggest additional downside pressure is still in play.
Usman Salis
