faridisayev

$SPCE Buy the dip opportunity

Long
NYSE:SPCE   Virgin Galactic Holdings, Inc
$SPCE has formed a head and shoulders pattern which is a bearish sign. The stock has been declining since mid February and formed a head and shoulder pattern and confirmed downward breakout during mid April dropping below the neckline price of $24 per share. The stock has declined more than 37% during the last 30 day period and is trading around strong resistance line and 52 week lows. Average decline in head and shoulder pattern is 20-25% and average change after the trend ends is around 50%.

I think this is a good buy the dip opportunity!

I entered the trade at $14.25 (pre market).

My price target is $24.5 during next 45-60 days, can set a stop loss around $13. This is a good risk reward opportunity!

Good luck and trade smart! (not a financial advice)