Rigetti Stock (RGTI) May Retraced After Breaking Out of A Wedge

The share price of Rigetti Computing, Inc. (NASDAQ: RGTI) is poised to retraced to the 61.8% fib. retracement level after a wonderful stint- The computing giant spike 218% in the past 1 month to break out of a bullish symmetrical triangle to reclaim the $50 zone.

With the last recorded SI at 55, RGTI might consolidate more pushing the RSI to 35 amidst bearish sentiment.

The stock was down 14% in yesterday's trading session further pushing the loss to premarket trading currently down 1.48%.

Further adding to the bearish sentiment is the fact that the founder- Subodh Kulkarni, has no stake whatsoever in the quantum technology company.

In May, Kulkarni exercised options to acquire 1,000,000 shares, only to sell them immediately – leaving him with zero ownership in RGTI.

About RGTI
Rigetti Computing, Inc., through its subsidiaries, builds quantum computers and the superconducting quantum processors the United States, the United Kingdom, rest of Europe, Asia, and internationally. The company offers quantum processing units (QPUs) and quantum computing systems through the cloud in the form of quantum computing as a service (QCaaS) products. It also provides 9- ubit quantum processing unit under the Novera QPU trade name; 84-qubit Ankaa-3 system under the name Novera QPU; and sells access to its quantum computers