Rigetti Computing (NASDAQ:RGTI) stock is 1.4% higher to trade at $19.97 today. The quantum computing concern is down 9.7% in 2026 and 21% in June alone, as high beta growth stocks have suffered from tech sector profit taking. The upside though, if past is precedent, is that RGTI has pulled back to a historically bullish trendline.
According to Schaeffer's Senior Quantitative Analyst Rocky White, Rigetti stock is trading within 0.75 times of the 50-day moving average's 20-day average true range (ATR), after spending at least 80% of the previous two weeks and 80% of the prior 42 trading sessions above that trendline. This setup has appeared five times during the last decade. One month later, the stock was higher 60% of the time after these signals, averaging a 22.7% gain.
A move of similar magnitude would have RGTI filling its June drawdown, and testing the downtrend line from those October highs above $58, seen below. It's also worth noting Rigetti's 14-Day Relative Strength Index (RSI) is below 50, an area that preceded a frenetic rally in late May.
A short squeeze could help as well. Short interest is down 2% in the most recent reporting periods, yet the 49.21 million shares sold short account for 15% of the shares' total available float.
