Time to start accumulating SPCE again?

Chart looks very nasty with that Head and Shoulders pattern AND daily bearish divergence with negative momentum only now starting to build again but we are supposed to get a test flight next month and I think we might see some support around $17. I believe anything between curent price level and that support (so $17-22) is a potential buy zone. I think this could go as high as $40 (top of the trading range) by end of this year assuming the company actually manages to deliver the test flight this time and potentially even to $70 if they get Branson to space (this is probably not happening any time soon through looking at all their setbacks so I wouldn't get my hopes too high).

Commentaire:

Before opening long positions please keep in mind that technically speaking this stock is now in bear market mode after multi-year uptrend. It made first lower swing low in its entire history yesterday and usually when stocks like this enter downtrends it takes a long time to recover and change course. It could easily see $10 and even $5 just as well, especially if some good news doesn't happen very soon so proceed with caution, this is certainly a very high risk trade.