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 [Oct. 22] 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!
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 [Oct. 22] 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!
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