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- Joby Stock Price (NYSE: JOBY) surges 40% in the single day and breakout of $8.00 hurdle.
- Joby Aviation Stock sustains above 200 day EMA and displays a golden crossover.
- The massive surge in the buying volume visible in Joby Stock.
Joby Stock Price (NYSE: JOBY) rose 40% in a single day and hit a 52 week high at $9.17. It broke out of the $8.00 hurdle level and formed a giant bullish candle.
Joby Stock Price sustains above the 50 day and 200 day EMA showcase positional trend has reversed in the upward direction. It displayed a golden crossover which boosted the confidence of long term investors.
Joby Aviation released previous quarter earnings on May 3, 2023. The stock prices reacted positively to the earnings and prices began to rise by forming higher high candles. It rallied 80% approx in the short period of time. However, the upward momentum halted near $8.00 and witnessed minor correction.
Luckily, the Joby Stock bounced back by taking support at $6.00 and the momentum in the recent up-move looks very strong.
Joby Aviation Stock witnessed a massive spike in the buying volume which shows that some genuine investors have turned bullish. They are expecting the rally to continue for a few weeks.
Joby Stock Price closed the previous session at $8.96 with an intraday rise of 40.22%. The market capitalization stands at $5.65 Billion.
Will Joby Stock continue the momentum?
Joby Stock Price performed well in the past 2 months and up by 161% on YTD basis. The recent up-move in Joby Stock is either due to short covering or fresh buying. If the reason behind the up-move is fresh buying then prices will continue the momentum and reach $10.00 in the coming months.
Whereas, if the reason is short covering then it will lack momentum and revert in a downward direction. If the buyers are able to hold the $7.00 support then prices are expected to remain in the bulls grip.
However, the Joby Stock Price seems over stretched and it might consolidate for some time before continuing the momentum. The technical analysis suggests, Joby Stock is in bulls grip and likely to continue the upward momentum.
Joby Aviation Stock bullish on multiple time frame
Joby Aviation Stock showed a massive breakout and turned bullish on multiple timeframes. It hits fresh 52 week high shows that buyers are more aggressive as compared to sellers.
The MACD curve is on the way to generate fresh positive crossover and which indicates bullishness. The RSI reached 74 sloping upward denotes the strength of bulls and more room for upside is open.
Conclusion
Joby Stock Price (NYSE: JOBY) surges 40% and showed a massive breakout. It hit a 52 week high which grabbed the attention of the investors. The technical analysis suggests, Joby Aviation Stock Price is in bulls grip and likely to test $10.00 soon.
Technical levels
Resistance levels: $10.00and $12.00
Support levels: $7.00 and $6.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
