Orbital Sciences Corp share price plungesShares in Orbital Sciences Corp have fallen faster than its Antares rocket in US pre-market trading overnight, dropping as much as 16 per cent after its mission to the International Space Station exploded spectacularly seconds after launch.
The unmanned rocket was taking 5,000 pounds of supplies to the space station, but exploded shortly after it took off at a launchpad in Virginia.
The good news is no-one was injured, although this is the first major failure since Nasa started outsourcing its missions to private companies, which also include SpaceX, the company founded by Tesla entrepreneur Elon Musk.
Musk
Tesla is going to have to supercharge after this driveTesla, aka the "stock of 2014" looks like its wild drive might be coming to a temporary end.
As much as I love this company, I see us at a temporary top, and I am looking for a shorting opportunity in the 265-275 zone.
Wave properties since March suggest we are in a corrective ABC flat, and are close to the B "top". Other indicators such as RSI and declining volume are supporting this theory. Since the B wave is (and should a little more) higher then the top of wave 5, this suggests we will have an "irregular flat", meaning wave C should drop lower then wave A. But since this is a powerful company, a safe target to close short would be anywhere near the 190 zone.
Even teslas don't run forever. Let this puppy charge up for a while.
Good luck
