TK0421

Scaling in LONG on SPCE

Long
NYSE:SPCE   VIRGIN GALACTIC HLDGS INC
I haven't personally traded this one but it looks like wash, rinse, repeat type of set up. The reason I didn't go long aggressively was because it is right below the horizontal resistance level . I like to enter my position long when the security is breaking out of resistance for the optimum entry. Target is the downtrend line from Feb 18th ATH around $34 range. Bullish cross over on the PPO as well but again, it is under the zero line. If it gets rejected at the resistance, it's going lower. I would keep a tight stop.
Comment: Gapping up above $27.35 resistance. Reaction at downtrend line is likely. If it blast though the trend line, then next to watch would be the top of the upward channel. At that point, one may consider to take some profit off the table depending on your trading strategy. At least to raise stops to protect losses.

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