Will JOBY stock rebound ahead of Earnings?

Joby Aviation Stock price defends $3.80 support.
Joby stock price rejected the 200 day EMA and struggles near the 50 day EMA.
Joby Aviation Inc (NYSE: JOBY) to release quarterly earnings on May 11, 2023.

Joby Aviation stock price fell 7.66% in March month and lost the majority of gains of the past few months. Joby stock price defends $3.80 support and seems to be getting stuck into the narrow range consolidation. Joby stock price rejected the 200 day EMA showcase positional trend is in downward direction. However, the buyers are trying to hold the 50 day EMA to keep the short term trend in the favor of bulls.

Joby Aviation Inc (NYSE: JOBY) to release next quarter earnings on May 11, 2023. Market analysts estimated the EPS of -$0.146. If the Company succeeds to meet the estimates then we may see a short term rebound in the stock prices. On the other hand, if results were below estimates then bears may try to drag it down toward the yearly lows.

At the beginning of January, Joby stock price took a U-turn after testing the 52 week low and gained positive momentum. Later, prices rallied 55% approx and attempted to break the $5.00 hurdle. However, the attempt was not successful and prices faced rejection from higher levels. Joby stock price consolidated for a few weeks in a hope of range expansion. Slow and steady prices took the opposite direction and began to decline by forming lower lows.

Will Joby stock recover or test the 52 week low?

NYSE: JOBY daily chart by TradingView

Joby Aviation stock price downfall halted near $3.80 and showed minor recovery. However, the up-move faced resistance near the 50 day EMA and prices got stuck into narrow range consolidation.

Presently, Joby Stock seems to be forming a short term base and if overall market sentiment recovers then short term rebound is possible. On the other hand, if the price drops below $3.70 then it will surely raise concerns for the investors. The technical analysis suggests, Joby stock is in downtrend and short term rally will have low probability of sustaining the higher levels.

When will JOBY stock price gain momentum?

JOBY stock price up by 4.56% on a weekly time frame and does not show any signs of sharp up-move or down-move. Joby stock price will gain positive momentum when buyers succeed in breaking the $5.00 hurdle. Till then, prices are expected to trade in the narrow range marked above.

The technical indicators like MACD curve intersect with average line and sloping sideways. It indicates prices lacked direction and expected to consolidate for some more time. The RSI 50 at neutral territory denotes equal level of tug or war between buyers and sellers.

Conclusion

Joby Aviation stock fell 7.66% in March month and formed a bearish pattern. JOBY stock price is in downtrend and possibility of rebound is low. Joby Aviation (NYSE: JOBY) to release quarterly earnings on May 11, 2023. If the company succeeds to meet estimates then we might see a short term relief rally from lower levels.

Technical levels

Resistance levels : $5.00 and $6.00

Support levels : $3.70 and $3.16

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.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing