$RKLB - Can we see a turn?

RKLB Rocket Lab printed a hammer on Friday and closed above the 50DMA and a Fib, signaling a potential bottom.

In the near term, the stock is trading inside a descending wedge, and a breakout could send the stock to $5.50.

On the longer-term timeframe, the stock is trading inside a triangle with the cup and handle pattern, with a projected measured move of $7.50.

In a bearish scenario, I don't think the stock can go down below the $4.60 to $4.50 area, barring catastrophic events such as a launch failure, war, etc.

Upside targets:
$5.50
$6.80
$7.50

Downside risk:
$4.50

I post detailed technical analysis of stocks with targets. If you find my analysis helpful, follow me for more posts like this.