JOBY - Testing Legacy TrendlineJoby Aviation, Inc.BATS:JOBYVIAQUANTRight now Joby Aviation is at a critical point in its current trend. Today I will be diving into the weekly chart and laying out the current market structure. The first thing to note is the legacy trendline I have outlined. It started during the February 2021 top and acted as a level for sellers to offload until price closed the first weekly candle above the trendline in June 2025, triggering a breakout that led to a move of over 100%. Now price has retraced all the way back to the trendline once again. However, there are a few other signals triggering that point toward this being a compelling level to accumulate at. The first signal is the weekly bullish divergence forming on the RSI. Price created a lower low while the RSI simultaneously printed a higher low. At the same time, volume is increasing rapidly. In its entire history on the NYSE, last week saw the largest volume spike ever recorded for JOBY, with 385.4 million shares traded. This surge in volume has been driven primarily by the newly announced strategic manufacturing joint venture between Joby and Toyota, aimed at industrializing and scaling commercial production of Joby's eVTOL air taxis ahead of certification and anticipated demand. Toyota holds a 51% stake in the venture, building on its prior $500 million investment into Joby back in late 2024 to fund aircraft certification and early production. Adding further context to the record volume, a Form 144 filing also surfaced recently signaling planned share sales by an insider or affiliate. While this appears to be primarily tax related rather than a fundamentally bearish signal, it likely contributed some additional near term supply pressure and trading activity alongside the bullish Toyota headline. Beyond the Toyota partnership, Joby is also pursuing defense applications for its eVTOL platform alongside its commercial air taxi ambitions, opening up a second potential revenue stream tied to national security demand rather than just urban mobility. Q2 earnings are expected on August 5th which should be the most important short-term catalyst. Analysts are currently estimating a loss per share of $0.23 and quarterly revenue of approximately $29 million so keep that in mind. Even with how good the current weekly market structure looks, it is worth balancing this optimism with the reality that Joby remains a speculative, pre-revenue story trading at a steep valuation relative to current sales. These kind of companies do seem to be what the market likes to speculate on but you should view this as a name being priced on future milestones, not current earnings.