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Small Cap Tech Name Nears Bull Wedge Breakout After IPO Lock Up

by | Oct 3, 2024

Rubrik (RBRK) shares of the newer publicly traded name are coiling in a tight wedge as it continues to hold key support at 30 and closed strong Thursday +3.8% near highs in a sloppy market. RBRK has the monthly value high at near 33 with also its anchored VWAP from IPO right at 33.25 so a breakout above this zone can see a swift move up to 35 as a first VPOC target while a stronger market can see RBRK push up to the former highs at 37.50. The high growth small cap had its IPO in April and now has built a base and last month saw its post IPO lock up expiration pass on 9/10 which was the low for the month so now likely could see headwinds fade and stronger upside into Q4.

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