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- 1 Joby Aviation stock price surged nearly 1.92% intraday and currently trades at $6.37.
- 2 Joby Aviation share (NYSE: JOBY) price is trying to recover from a three-year low price.
- 3 The daily chart illustrates a descending parallel channel pattern.
Joby Aviation Inc. stock price shows a decline below the key moving average of 50-day EMA. Currently, the stock price struggles to get support near the 200-day EMA. The daily chart illustrates the formation of a declining channel pattern with the price rolling in between the upper and lower boundaries.
The price trend analysis demonstrates that the stock price has been experiencing a continuous decline from the very start of the current quarter. The earnings underperformed the expectations which also disappointed the investors and caused the decline.
Moreover, the last quarter turned out to be very profitable for the investors as the Joby stock price gained 100% return surging from a low of $3.77 to a high of $11.98. However, the stock price went through a correction phase and formed a declining channel pattern.
The price might correct more until it is maintained in the channel. Moreover, the breakout of the channel might turn the short-term trend in the favor of buyers and the stock price may observe a hike.
Joby Aviation stock derivatives data analysis states that the current implied volatility in the market is 75.06% with an increment of 0.51% in the last trading session. The at-the-money strike price has 1,192 open contracts on the PUT side and 1,350 open contracts on the CALL side indicating the dominance of sellers at the CMP.
Joby Aviation Stock Price Forecast For 2023
The average analyst price target for Joby Aviation stock in 2023 is $8.33, which represents a potential upside of 30.87% from the current price. However, there is a wide range of analyst price targets from $6.00 to $11.
The most optimistic analysts believe that Joby Aviation stock could reach $11 in 2023 if the global traveling demand grows strongly and the stock is able to successfully fulfill the needs of the passengers.
Technical Indicators Signal Neutral to Bearish Trend
The overall technical indicators including RSI and MACD opinion rating as per the financial website “Barchart.com” for the JOBY stock is an 8% “sell” with the weakest short-term outlook on maintaining the current trend.
Conclusion
Joby Aviation stock price has been falling in a channel pattern since the last quarter. The earnings missed the expectations and the price is below the 50-day EMA. The price may drop more until it breaks out of the channel. The average analyst price target for 2023 is $8.33, which is 30.87% more than the current price. The most bullish analysts predict $11 if the global traveling demand and Joby Aviation’s performance are strong.
Technical Levels
- Support Levels: $5.90 and $5.25
- Resistance Levels: $6.88 and $7.95
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.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
