D-Wave Quantum (QBTS) soared Tuesday after the company announced the release of a quantum computing syst🍬em it says can solve problems beyond the capabilities of classical computers.

The company said its Advantage2 system increases energy scale by 40% and reduces noise by 75%, which results in higher-quality outputs for solving complex calculations. The company added that the technology marks a significant milestone not just for D-Wave, but for the 澳洲幸运5官方开奖结果体彩网:quantum computing industry as a whole.

D-Wave shares jumped 26% to $16.56 on Tuesday. The stock has nearly doubled since the start of the year and gained more than 1,100% over the past 12 months, booste🦂d by a 509% surge in the company’s first quarter revenue a𒁏nd expectations that quantum computing will transform a wide range of indu🔜stries.

Below, we break down the 澳洲幸运5官方开奖结果体彩网:technicals on D-Wave’s 澳洲幸运5官方开奖结果体彩网:weekly chart ౠand identify major price levels worth watching out 🌟for.

Ascending Triangle Breakout

D-Wave shares have staged a decisive breakout above the top trendline of an 澳洲幸运5官方开奖结果体彩网:ascending triangle this week, signaling a 澳洲幸运5官方开奖结果体彩网:continuation of the stock’s strong uptrend that ൩preceded the pattern. 

It’s also worth pointing out that the 澳洲幸运5官方开奖结果体彩网:50-day moving average sits on the verge of crossing above the 200-day MA to form a 澳洲幸运5官方开奖结果体彩网:golden cross – a bullish chart indicator predꦯicting higher prices. 

Moreover, above-average trading volume has accompanied the recent rally, indicating buying conviction by larger market participants, such as澳洲幸运5官方开奖结果体彩网: institutional investors and hedge funds. Meanwhile, the 澳洲幸运5官方开奖结果体彩网:relative strength index confirms bullish price momentum, though the indicator also flashes 澳洲幸运5官方开奖结果体彩网:overbought conditions, which could lead to short-✤term profit taking.

Let’s use澳洲幸运5官方开奖结果体彩网: technical analysis to forecast two potential upside price targets to watch on D-Wave’s chart and also identify a crucial 澳洲幸运5官方开奖结果体彩网:support level worth monitoring during future retracements.

Chart-Based Upside Targets to Watch

Measured Move Target

Investors can apply the measured move technique by calculating the percentage change from the low to high of the ascending triangle and adding it to the pattern’s top trendline value. For example, we apply a 233.33% increase to $12, which projects a target of $40, a location on the chart where investors may decide to 澳洲幸运5官方开奖结果体彩网:lock in profits.

Bars Pattern Target

When applying the bars pattern tool to D-Wave’s chart, we extract the stock’s strong trending move that immediately preceded the ascending triangle and overlay it from the recent breakout point. This analysis forecasts a more bullish upside target of around $90, representing a near ꧋six-fold increase from Tuesday’s closing price.

Crucial Support Level Worth Monitoring

During retracements in D-Wave's stock, investors should closely monitor the $12 level. This area would likely attract strong support on a pullback𝓰 to the ascending triangle’s top trend꧂line and a range of corresponding trading activity on the chart stretching back to early 2021.

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As of the date this article was written, the author does not own any of the above securities.