Virgin Galactic (SPCE) is at a key reversal zoneOn the left chart we're looking at the Daily time frame. Notice price is currently resting at the 200 day moving average after reclaiming it earlier this month.
That's positive.
On the right chart we're looking at the 240 min/4hr time frame where price currently displays a possible H&S construction. The stock is at a good accumulation zone here as long as the recent lows hold.
A CLOSE above 18.30 on the 4hr or daily chart can give conservative traders confirmation to get long. Aggressive traders could start buying inside the accumulation zone with stops under the black line I drew (a CLOSE under it would be needed to invalidate the position).
SPCE trade ideas
VIRGIN GALACTIC aka SPCE is reaching an apex, will it launch?Hey everyone, today we're looking at a longer-term stock that has the potential to get exciting very quickly. I'm really liking how the fundamentals and the technicals are lining up on this wedge I've drawn, what do you think?
Note the end of this Wedge is targeted by November 2020. Meanwhile, there is a strong catalyst that will have this stock either moving higher or lower, and one should be watching this wedge pattern alongside the news:
4 days ago this report came out:
The flight will be the first of two that the space tourism company has planned to complete testing of its SpaceShipTwo spacecraft system and should have just two test pilots on board," CNBC's Michael Sheetz wrote.
"Virgin Galactic said last month that the second test spaceflight will then have four 'mission specialists' inside the cabin," Sheetz added. "If both test flights succeed, Virgin Galactic expects to fly founder Sir Richard Branson in the first quarter of 2021."
If you aren't watching SPCE right now, it's probably a good time to buy and then watch your indicators. I'd hate to miss this, but it's a high risk, high reward trade and so one should set a stop-loss according the the wedge and use the fundamental news as an indicator to match against the future candlestick pattern.
Good luck and happy trading.
Disclaimer: I am not a professional, nor do I claim to know what I am doing. I chart for my own education and revealing potential trade setups. I am always open to constructive feedback and resources that you can recommend to "up" my game. Thank you!
[SPCE] Launching to the MOON: Follow the Dashed GREEN Road!Mostly cosmetic updates for funzies and some bigger picture on this for you all.
Never gonna close below $10.50 on the 1W again.
Under white dotted line Price is likely to bounce back quickly... fantastic value.
Magenta is the current Value Zone.
There is what looks to be a decent fractal from the end of 2019 that may be playing out here at about 4x the scale. If that does come true, it would mean we drop down to the red line soon for a few weeks before we skyrocket again. That would align with an ensuing market crash and earnings FOMO blast off.
Lets see if it plays out! B)
$SPCE ; easy decision here, bouncing off support (Target 22-24)SPCE is bound for orbit, test flight will catalyst this thing propelled by the short float % which is 25-60% im seeing varying per site...but regardless even at the lostest 25% short float...thats enough to squeeze to the moon. It was about to rocket off up until last Thurs/Friday slowed it down a bit due to the gravity flux capacitor of the weak hands grounding it back to earth...those dummies...i averaged down, and today i averaged up my calls. Holding 20 Jan 2021 $20 calls. expecting to see 300% returns before I even think about taking partials.
Also post my trading ideas on twitter:
Chasing Tendies @T123Jonny