A massive shout out to Kevin Cook for taking this thing absolutely out of the park. In his TAZR Trader he ripped D-Wave Quantum (QBTS) for a1,000% gain after adding it back in September. There’s been an incredible run in this stock in just the last five sessions, with it more than doubling. Volumes have been eye-watering, with over 200 million shares a day trading.
There is a ton of hype ahead of NVIDIA’s presentation at the GTC Conference. This could be a buy the rumor sell the news situation that develops. D-Wave is hitting the same levels it did before taking a tumble to start this year. Will the increased volume be enough to push it through to the next level?
Moving Averages: Bartosiak starts by examining the stock's moving averages, such as the 50-day and 200-day moving averages. He points out the significance of crossovers and divergences between these averages, which can indicate potential trend changes.
Support and Resistance Levels: Bartosiak identifies key support and resistance levels on the chart. These levels act as barriers that the stock price must breach or hold above, providing traders with critical decision points.
Chart Patterns: He discusses chart patterns like head and shoulders, cup and handle, or flags, and their relevance in predicting future price movements. These patterns can offer valuable insights into potential bullish or bearish trends.
Volume Analysis: He emphasizes the importance of volume analysis in confirming price trends. An increase in trading volume during a breakout or breakdown can validate the significance of a price move.
Dave Bartosiak's technical analysis approach adds depth to our understanding D-Wave Quantum’s stock chart. By paying attention to moving averages, support and resistance levels, chart patterns, technical indicators, and volume, he equips investors with a comprehensive toolkit for making well-informed decisions in the stock market. Remember, while technical analysis is a valuable tool, it's important to consider other factors like fundamental analysis and market sentiment before making investment choices.
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This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
