Now, my trade of the day is more of a swing trade setup. It's on a stock that just reported earnings this morning. And I'm talking about QBTS. You can see what QBTS has been doing ever since June.
That's going down on the chart. It really accelerated over this last couple weeks where we had price action literally collapsed from the $18 mark down here. Now trading at $10 pre-market where we are coming down.
But if you see the last two trading days, we got up above this longerterm declining trend line. We did so and we confirmed the breakout. So, that makes QBTS as a near-term breakout candidate as long as price holds above $9.70.
That's going to be the area right here at the bottom of this declining trend line. And why this level in this uh setup is so important. We've actually got the sleeper hold pattern, one of the courses that I teach right here involved on the weekly time frame.
Now, we've already got a 10% pop on that sleeper hold pattern that concluded at the end of trading on Friday of last week. just Monday's move over 10%. So, you could have banked 10% having seen that signal.
So, now the real test comes for QBTS. Can it maintain this breakout? Uh especially with the markets coming in today. $9.70 is that level to watch.