Quantum computing stock Rigetti Computing Inc (NASDAQ:RGTI) is succumbing to the broader market slump, last seen down 3.3% to trade at $14.26. Shares are now eyeing their fifth-straight daily drop, extending a pullback from a rally to their highest level since January, though the $14 level looks ready to contain losses. Better yet, RGTI could be a prime buy-the-dip candidate, as a historically bullish signal flashing may help the shares back into positive territory for 2025.
Per data from Schaeffer's Senior Quantitative Analyst Rocky White, Rigetti Computing stock's pullback placed it within one standard deviation of its 50-day moving average. The shares were above this trendline in at least eight of the past 10 trading days, and spent 80% of the past two months above it.
Within these parameters, four other signals occurred over the past three years, after which the security was higher one month later 75% of the time, averaging a 14.6% gain. From its current perch, a similar move would place RGTI back above $16.
An unwinding of pessimism could boost RGTI as well. The security's Schaeffer's put/call open interest ratio (SOIR) ranks in the relatively low 21st percentile of readings from the past year, pointing to a put-bias. Plus, short interest accounts for 15% of the stock's available float.
