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IONQ Stock Price Prediction: Bearish Pattern Predicts $5.50

IonQ stock (NYSE: IONQ) has formed a very bearish pattern which has the potential to take the price well below its current levels. The stock of the quantum computing company is currently down 42% from its yearly highs which shows the intensity of the local downtrend.

Last month, IonQ shares made a lower low on the weekly chart, confirming the bearish breakdown. Even though the stock is up 34% from the lows, it is quite likely that this recovery turns out to be just a dead cat bounce.

According to the latest IonQ news, the price target for the company’s stock has been lowered by Goldman Sachs from $14 to $13. This further contributes to the bearish outlook for the stock.

IonQ Stock Price Technical Analysis

The reason why I am bearish on NYSE: IONQ is due to the breakdown from the head & shoulders pattern. The technical analysis shows that the price target of this breakdown could be as low as $5.50. However, there is a very strong support around $7 which may come into effect if bears gain momentum.

This bearish IonQ stock price prediction can be invalidated if the price breaks back above the neckline of the head & shoulders pattern which currently lies around $14.75 on the following chart.

IonQ stock chart & latest analysis
NYSE: IONQ Chart