Rigetti Computing surges following equity offering, Nvidia CEO comments
- Rigetti stock spikes after selling $350 million in new shares.
- Nvidia CEO speaks positively about quantum computing at Paris conference.
- Lower US inflation and trade framework with China are viewed positively by the market.
- RGTI stock sells off after taking out 78.6% Fibo.
Rigetti Computing (RGTI) stock has rallied as much as 20% on Wednesday after the company completed a $350 million at-the-market equity offering that was fully subscribed. Shares of the quantum computing company rallied to an intraday high of $13.56 before pulling back to the $12.40s by the afternoon.
The rally has been helped by two major positive pieces of news in the broad equity market. First, the May rode a wave of euphoria up to $13.56 in the morning session, but traders decided to take their profits with them at lunchtime. Before it pulled back, RGTI reached the 78.6% Fibonacci Retracement just below its intraday high.
The next portion of resistance comes between the $15.00 prior resistance and the $15.30 level that serves as the 100% placeholder for the Fibo graph. The next Fibo target will be the 161.8% Fibo at $20.52.
RGTI daily stock chart