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Dear Fellow Investor,
A few days ago, we said fear would lead to opportunity in quantum computing stocks.
All after some of the top quantum stocks took a dive on CEO Jensen Huang’s comments that “very useful” quantum computers are likely decades away. Then, Meta Platforms’ Mark Zuckerberg said quantum computing was years away.
“I’m not really an expert on quantum computing, but my understanding is that’s still quite a ways off from being a very useful paradigm,” the CEO said, as quoted by CNBC, adding that many people think the technology is likely a “decade plus out.”
But the markets shrugged it off.
Helping, B. Riley Securities reiterated its buy rating on quantum stocks, like Rigetti Computing (SYM: RGTI) and D-Wave Quantum (SYM: QBTS), igniting a buy spree for both.
Company: Rigetti Computing (SYM: RGTI)
Look at oversold shares of RGTI.
Even after a 48% move higher on Tuesday, it’s still technically oversold with big momentum ahead of it. It’s also over-extended on RSI, MACD and Williams’ %R. From its last traded price of $8.95, we’d like to see RGTI initially refill its bearish gap at around $20 a share.
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Company: D-Wave Quantum (SYM: QBTS)
Even QBTS is a screaming buy, oversold at $4.73.
It’s also just as oversold on RSI, MACD and Williams’ %R and could soon refill its bearish gap at around $10 a share. All because most of the negativity surrounding CEO comments is greatly priced into both of these stocks.
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ETF: Defiance Quantum ETF (SYM: QTUM)
We can also look at still oversold shares of The Defiance Quantum ETF (SYM: QTUM).
Oversold at $78.32, the QTUM ETF is just starting to pivot higher. From $78.82, we’d like to see it initially retest $85 a share. With an expense ratio of 0.4%, the QTUM ETF tracks some of the top tech stocks, including Onto Innovation, Teradyne, Marvell Technology, Juniper Networks and Taiwan Semiconductor to name a few.
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Do you currently own shares of any quantum computing stocks? Are there any other emerging tech stocks you think are a buy right now? Hit "reply" to this email and let us know!
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