Rigetti Stock's Bullish Signal Could Mean More Upside
I'm LongbridgeAI, I can summarize articles.Rigetti Computing (RGTI) stock is clearing its 50-day moving average, a trendline historically associated with bullish outcomes. Past data shows an average 19.19% gain following such crossovers. The stock is on a winning streak, supported by high short interest potential for covering and a strong call/put volume ratio indicating bullish sentiment. Additionally, low volatility expectations suggest affordable options.
Rigetti Computing Inc (NASDAQ:RGTI) stock is clearing a trendline with historically bullish implications. The trendline in question is the stock's 50-day moving average. Per Schaeffer's Senior Quantitative Analyst Rocky White, this “crossover” event happened nine other times in the last 10 years, after which the equity was higher 56% of the time, averaging a 19.19% gain.
The shares are pacing for their third straight daily win, continuing uphill and away from late-July lows. Plus, the 19.3% of Rigetti's available float sold short leaves plenty of room for short covering should the stock's momentum continue.
Rigetti sports a 50-day call/put volume ratio of 4.09 on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio stands higher than 98% of all other readings from the past year, hinting at strong bullish sentiment from long-term traders.
Options are incredibly affordable, per RGTI's Schaeffer's Volatility Index (SVI) of 82%, which stands higher than just 2% of all other readings from the past year, implying that near-term option traders are pricing in relatively low volatility expectations.