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Buy the Dip? Rigetti (RGTI) Pulls Back to Key Support After 250% Rally

Rigetti Computing (RGTI) shares have fallen 30% from their October highs, but this isn’t the end of the run. It’s the pullback traders have been waiting for.

After rallying more than 250% from mid-September to early October, Rigetti’s breakout has taken a necessary breather.

The drop reflects widespread profit-taking across both the nuclear and quantum computing sectors, where speculative gains ran hot as investors rushed into next-gen energy and compute names.

The Technicals Say Rigetti’s Uptrend is Still Intact

Rigetti’s 50-day moving average, which flipped bullish back in April, remains in a positive trend.

In addition, the 200-day moving average is also sloping higher, helping define a bullish long-term trend structure.

Even after a five-day, 30% correction, momentum remains intact, and the stock is now approaching short-term support near $40, which aligns with its 20-day moving average and round-number psychology.

This zone has already started attracting dip-buyers.

(Click on image to enlarge)

Rigetti Sentiment, A Double-Edge Sword

Rigetti is still in the early discovery phase for most investors, but short-term traders have become overly bullish, perhaps too quickly.

Elevated call option activity and outsized attention from quantum-focused retail traders created a frothy setup that needed to cool off.

Now it has.

Importantly, Wall Street analysts remain bullish, with the average price target sitting at $26, well below the stock’s current price. Given Rigetti's technical leadership in quantum, and recent developments in both private and public quantum computing, expect to see higher targets in the coming weeks or shortly after the company’s earnings in November.

Rigetti is currently scheduled to report earnings on November 18 (unconfirmed). The setup into that date may provide a catalyst for the next leg higher, especially if guidance continues to reinforce the company's long-term growth story.

Key Levels to Watch:

• Buy the Dip Zone: $40
• Back the Truck Up Zone: $30
• Resistance: $50
• Long-Term Price Target: $75

Bottom Line:

With the bullish trend still intact, momentum pulling back to support, and earnings on deck, Rigetti presents a compelling short-term buy-the-dip opportunity.

Traders should watch the $40 level closely as this price holds double barreled support based on the stock’s 20-day moving average and round-numbered price.A hold at $40 should trigger a new rally to $50.

Long-term investors can view any pullbacks toward $30 as rare opportunities to build a position ahead of Rigetti’s climb toward $75.

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