SPCE: Potential Resistance LevelsHi everyone,
Just following the news of the Virgin Galactic flight, I thought it may help to share potential levels where price may reach resistance.
There will likely be a lot of buying this month in anticipation of the flight - therefore my gut-feeling is we should see a new ATH, and a price between 80-100USD.
If you think something different, please do leave a comment.
Good luck!
Trade ideas
SPCE: With the after hours announcement that Sir Richard Bransonwill be on the Space Test Flight on July 11, SPCE rallied from minus 6% to plus 19% for a total swing of 25%. The total volume for the day was about 35M, a fraction of the 300M last Friday which took the stock to $59 following the news that the FAA had granted them a license to fly passengers to space. On this chart, I have listed the daily pivot levels R1 through R4, plus the obvious trendlines, as well as the fib 61.8 retrace to help with the profit taking. As you all know, wave C always follows wave B. Also, remember the time proven adage, buy on rumors, sell on news.
SPCE: Near-term forecastHi everyone,
Just to share a near-term forecast.
I think that SPCE (Vigin Galactic) will find support around 42, before it bounces.
This is supported by: 1) trend-line support 2) Internal 38% Fibonacci level 3) Completion of 5 sub-waves.
However this analysis ignores near term fundamentals.
Good luck!
SPCE - It can into spaceSupport very significant and visible.
It bounced(the last low) and now is going up with the support.
Indicators as often : RSI+MF, Divergence, MAs, MACD. Possible reversal to bullish.
Buy zone 28.70 - 30.20
Stop loss 28.50(~5%).
1st PT - 36.00
2nd PT - 42
3rd PT - Moon
4th PT - SPACE! :D
SPCE: $80 incoming.Here is the second gap. We should see another 75% run from this gap after some consolidation. Unless, Branson decides to go after Bezos!
Today's move was not unexpected:
This is a follow up on my previous analysis:
Congrats to those followed my advice and collected massive profits on this week's calls.
$SPCE red to green possibility today @AOTtradesIf you're not already in this name they're maybe an entry possible with a red to green open this morning, this will give you a nice risk to reward with a stop at the LOD.
Let this name crave in a morning low then look for a R2G move if we get it. MASSIVE VOLUME bar on Friday, I was impressed with how well it held in there yesterday after such a big day previous, this could be a sign of more gains coming from $SPCE in the near term.
Hope this helps
Sunday Prep 6/27 - $SPCE is a short if tests ATH - watch closelyFrom Sunday Prep Jun 27, 2021 prepared by TrueTrader pro @RickyAnalog
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From almost 52w lows to almost 52w highs in the matter of a few weeks. Pretty extreme if you ask me. But anything is possible in the day and age of the Reddit boards and highly shorted names. Was really surprised to see on Friday that the highest the strike prices went out on the options was $60. That means that earlier in the week, you may very well have had a lot of dealers selling premium on 45s, 50s, and 55s thinking “there’s no way they run the price way up here.” Well a lot of them probably were walking around funny this weekend as the stock gapped up Friday on news and the volume was the highest volume day the stock has ever had.
Will be looking for this to test ATHs and possibly start to show weakness.
But if this is going to be a gamma squeeze play, the best short may end up being later in the week. We will have to see how they play this out. Still may offer a nice short on Monday, and then they find support, only to head higher midweek.
SPCE receives FAA approval to fly passengersThere is 20% short interest or roughly 34 Million shares short. Options action - On friday, there was buying in the 7/16 $60 and $70 calls. Its also one of most mentioned tickers in fintwit. On the 4 hour chart, vwap is $53. That could be good entry, if it goes to that price. Good luck!
FAA Expands Company’s Commercial Space Transportation LicenseFAA Expands Company’s Commercial Space Transportation Operator License To Allow Carriage of Space Flight Participants (source: Virgin Galactic website, 25th)
Most rocket factories are of military nature. Then, there is SpaceX, Blue Origin, and Virgin Galactic. But it is only Virgin Galactic that focuses all its efforts on space tourism. Thereby, the importance of a new license carries incredible importance.
As you could see, I've been longing since 25.63 For all investors believing that space exploration is the future of humanity, Virgin Galactic is currently the best pick. SpaceX is clearly ahead of all but is not available for public trading. Other potentials such as Boeing keep the space lower as the priorities go.
Although Virgin wants to do tourism, they still collect data for NASA & lift up satellites to supplement their income nicely. In fact, I believe it was two days ago when a flight was pre-planned to happen originally (LauncherOne mission), but it is eyeing the first week of July now.
With nice news between Thursday/Friday sessions and the first launch to be streamed live, this company is likely to remain bullish for a minimum of two next weeks.
However, entering the market might be difficult as high volatility will cause frequent overshoots and stop-outs. Hopefully, there will an opportunity for late investors to enter as I believe reclaiming of February highs is just a matter of time.
Good luck!