- JOBY stock price shows selling pressure and is heading towards a demand zone of $5 Mark.
- Sellers have regained control of the game and the price declined forming a bearish price action.
JOBY stock price (JOBY) shows bearishness, losing the gains below the key moving averages. Recently, JOBY stock gave a breakout above the trendline of $5.75, after which the buyers went aggressive and the price surged nearly 80% in less than a month.
However, the price could not sustain the upper levels for long and declined after topping out. The stock showed a gap down, afterward, buyers did not hold the momentum and started unwinding their positions resulting in slippages in the previous trading sessions.
The price consolidated to wait for positive quarterly results but the Q2 results underperformed the estimates after which the price continued to drop.
Joby Aviation (NYSE: JOBY) is a company that creates electric aircraft for flying taxis. It was formerly called Reinvent Technology Partners and is based in California.
JOBY stock option-chain analysis states that the current implied volatility in the market is 69.7% with an increment of 1.62% in the last trading session. The at-the-money strike price has 1,379 open contracts on the put side and 185 open contracts on the call side indicating the dominance of buyers at the current level. The PUT/CALL ratio is 0.47 indicating that sellers dominating at the moment as per the data.
JOBY Stock Price May Reverse The Trend After The Breakdown Of The Trendline
The JOBY stock price currently trades at $7.12 and seeking buyer volume to enter the market at the current level.
The short-term outlook for the stock is bearish at the moment and declining to retest the level of $5. For Now, the price may continue to decline until it gets enough buying volume to counter the sellers. The Derivatives data also shows the dominance of sellers in the market with a PCR of 0.47.
Analysts are optimistic about the long-term trend of the stock until it remains above the previous breakout zone. However, the breakdown of the previous breakout zone may lead to a reversal in the long-term trend.
The EMAs Showing A Golden Crossover On the Daily Chart
The daily JOBY stock price chart shows that the price is trading above 200 EMA indicating an uptrend in the long term. However, the stock failed to sustain above the 50 EMA indicating weakness in the short-term trend.
The overall Technical Opinion rating including RSI and MACD is signaling a 40% buy with the weakest short-term outlook on maintaining the current direction.
Conclusion
JOBY stock price fell below the key moving averages after a breakout and an 80% surge. The price dropped after the Q2 results missed the estimates. The price trades at $7.12 and may decline further to $5 without enough buyers. The short-term outlook is bearish and the derivatives data shows sellers’ dominance. The long-term trend is positive until the price stays above the previous breakout zone. A breakdown may change the trend to bearish.
Technical Levels
- Support levels: $6.18 and $5.22.
- Resistance levels: $9.12 and $10.09.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
