D-Wave Quantum (QBTS) shares may remain on watchlists Tuesday after surging to a multi-year high today as investors continued to pile into the stock following news last week that the ꦅcompany's quantum computer outperformed a supercomputer.

D-Wave said in a 澳洲幸运5开奖号码历史查询:press release last Wednesday that its annealing quantum computer outperformed one of the world’s most powerful classical supercomputers in solving complex materials discovery problems. CEO Alan Bratz said that the company's 澳洲幸运5开奖号码历史查询:quantum computer can now exceed the performance of the most powerful supercomputers.

Since last week’s announcement, D-Wave shares have nearly doubled. The stock has soared more than 400% over the past 12 months amid growing interest in th♑e quantum computing sector.

D-Wave shares gained 10% on Monday, closing at $11.18, their highest level since August 2022.

Below, we take a closer look at the 澳洲幸运5开奖号码历史查询:technicals on D-Wave’s chart and identify important price levels that investors may be watchဣing.

Symmetrical Triangle Breakout

D-Wave shares consolidated within a 澳洲幸运5开奖号码历史查询:symmetrical triangle for several months before breaking out above the pattern’s upper trendline in Friday’s trading session, setting the stage for a 澳洲幸运5开奖号码历史查询:continuation of the stock’s move higher.

Importantly, increasing volume has backed the move higher, indicating strong buying conviction behind the breakout. Moreover, the 澳洲幸运5开奖号码历史查询:relative strength index (RSI) confirms bullish price momentum, though the indicator has moved into 澳洲幸运5开奖号码历史查询:overbought territory, rꦏaising the possibility of short-term profit-taking.

Let’s apply 澳洲幸运5开奖号码历史查询:technical analysis to project two potential bullish targets to watch on D-Wave’s chart and also point out an important 澳洲幸运5开奖号码历史查询:zone of support worth monitoring during retracements.

Chart-Based Bullish Price Targets

Measuring Principle Target

When using the 澳洲幸运5开奖号码历史查询:measuring principle to forecast a target, we calculate the percentage change of the symmetrical triangle near the start of the pattern and add it to the breakout poꩲint. For example, we apply a 180% increase to $7.15, which pr﷽ojects a bullish target of $20.

Bars Pattern Target

Forecasting a target using bars pattern analysis works by extracting the stock’s trend from early November to late December last year and repositioning it from Friday’s breakout point. This analysis projects a bullish target of around $52, an area where the shares may be headed if 澳洲幸运5开奖号码历史查询:price action mimics the prior move higher.

Interestingly, the earlier uptrend analyzed followed a breakout🎐 from a symmetrical triangle, similar to how the current move higher has started.

Important Zone of Support Worth Monitoring

During profit-taking periods in D-Wave shares, it’s worth keeping a close eye on a zone of support between $5.30 and $3.75. Investors may look for buying opportunities in this area near a range of 澳洲幸运5开奖号码历史查询:peaks and troughs that formed on the chart between November last year anཧd March thi꧅s year.

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