QS - The Big PictureQuantumScape Corporation Class ABATS:QSThePennyManQS just announced an R&D deal with Honda, this is pretty big in general. Now, this company has been bleeding money like a stuck pig for years - net negative 400M+ in losses per year from 2022-2024+ - however, they haven't engaged in a ton of share dilution. Given how their net debt/income looks, they've simply been converting outstanding shares to tradable share float over the past few years with some dilution in the mix. I like to see this for the most part, makes supply feel less diluted. However, share float has nearly doubled from 2022 - now. The technical picture we see is a cautious one, a double aVWAP resistance envelope comprised form the previous major high and low is a very hard resistance to break and will almost certainly be met with heavy resistance when price attempts to break it. High share float (near 20%) suggests that bears are confident in shorting this stock as well and may do so with strength. The wave-count I have shown here is not one of high confidence and feels a bit forced. One thing is for sure though: Price will almost definitely test the major resistance zone at $10+ Will be interesting to see how this fully plays out.