Going to avoid getting into the fundamentals of this company, as I've covered them before (have been increasingly better with the contracts they've won).
As we can see from this range price formed over the past 2 years, RKLB's 3-month downtrend could end through a reversal with great upside. It happened entering the final 70 days of last consolidation period, and I'm awaiting more confirmation for it to happen again in this period.
Keep in mind that price:
- Tapped the bottom of this demand zone (has never closed below)
- Broke below descending wedge (can reclaim before Friday)
- Is being hurt by S&P PA (last pump coincided with rising S&P)
I would be weary of longing any stocks at this point, but will be closely observing how RKLB closes Friday to inform the next steps.
As we can see from this range price formed over the past 2 years, RKLB's 3-month downtrend could end through a reversal with great upside. It happened entering the final 70 days of last consolidation period, and I'm awaiting more confirmation for it to happen again in this period.
Keep in mind that price:
- Tapped the bottom of this demand zone (has never closed below)
- Broke below descending wedge (can reclaim before Friday)
- Is being hurt by S&P PA (last pump coincided with rising S&P)
I would be weary of longing any stocks at this point, but will be closely observing how RKLB closes Friday to inform the next steps.