IonQ: Potential Continuation Pattern IonQ had a big surge in late 2024, and now some traders may see potential for continuation to the upside.
The first pattern on today’s chart is May 27's closing price of $48.04. IONQ has made a series of higher lows while remaining below that level, which may be viewed as a bullish ascending triangle.
Second, prices are near the all-time high of $54.74 in January. Could the stock be coiling for a move into new territory?
Third, IONQ is above its rising 50- and 200-day simple moving averages. That may be consistent with a longer-term uptrend.
Fourth, the 8-day exponential moving average (EMA) is above the 21-day EMA. That may be consistent with a short-term uptrend.
Next, IONQ is a fast-growing player in the emerging field of quantum computing. Given the overall focus on technology and increased competition with China, some investors may view the stock as a means to participate in the trend.
Finally, IONQ is an active underlier in the options market. (It’s averaged about 100,000 contracts per session over the last month, according to TradeStation data.) That may help traders take positions with calls and puts.
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