Quantum computing stock Rigetti Computing Inc (NASDAQ: RGTI) is down 3.3% amid a broader market slump, trading at $14.26. The pullback from its recent rally signals a potential buy-the-dip opportunity, with historical data suggesting a 75% chance of a 14.6% gain within a month, potentially pushing RGTI back above $16.

RGTI’s recent pullback has brought it within one standard deviation of its 50-day moving average. This trendline has historically been a bullish signal, with the stock spending 80% of the past two months above it. Similar moves in the past have led to significant gains, indicating a potential upside for RGTI.

The Schaeffer’s put/call open interest ratio (SOIR) for RGTI is in the 21st percentile of readings from the past year, indicating a put-bias among investors. Additionally, short interest makes up 15% of the stock’s available float, suggesting a potential unwinding of pessimism could further boost RGTI’s performance in the near future.

Read more at Yahoo Finance: Quantum Computing Stock Could Snap Losing Streak