Looking to complete the Inverse Cup and Handle formation by EOW
Looking for a dip this week with JPOW's week of talks, interviews, and another week of no news from Virgin Galactic PR. If this inverse cup and handle is going to complete this week, I see it touching $26 and fast. Even with a possible slight push up from "dumb money" on Monday morning, the sooner it touches $26 this week, the sooner we have a chance for it to hit $24 and below before reacting to Spaceship 3 news next Thursday 3/31/21.
The unveiling of SS3 will not be a portfolio saver, $SPCE as a company has lots to prove. If Virgin announces an official launch window target, that should be enough to take this ticker from the ground and back toward $55 by the end of May assuming no further delays and a successful test flight.
Regardless if $SPCE hits any sub $30 number this week, all profits from any short positions should be invested into a long strategy such as Jan 21 22 $125 strike calls with profit-taking/adjustment around post-test flight 6/1/21~8/31/21, and I'll be looking for $65-75 underlying targets with consideration to hold if there is any indication of this hitting $100/share.
The unveiling of SS3 will not be a portfolio saver, $SPCE as a company has lots to prove. If Virgin announces an official launch window target, that should be enough to take this ticker from the ground and back toward $55 by the end of May assuming no further delays and a successful test flight.
Regardless if $SPCE hits any sub $30 number this week, all profits from any short positions should be invested into a long strategy such as Jan 21 22 $125 strike calls with profit-taking/adjustment around post-test flight 6/1/21~8/31/21, and I'll be looking for $65-75 underlying targets with consideration to hold if there is any indication of this hitting $100/share.
Trade active:
Day did have $SPCE fall a bit lower. There's no new reason to not be bearish this week. Shooting for $26 EOW now.
Trade active:
Target now seems to be $24-26 EOW. Will we see a bigger sell off??
Trade active:
Momentum on 5min chart is dying out around $30.33+/- with a few dojis forming for the last 15 minutes. If it breaks $30 again, expect a huge swing down, unknown support...
Trade closed manually:
I played this chart Put 28, and once it was clearer to me that we wouldn't be seeing $26 again this week, I pulled out of my position for a small loss. Heading toward the bullish side.