I recently visited The Kennedy Space Center Visitor Complex and had a chat with an astronaut about the Perseverance and Curiosity rovers. At some point, he mentioned he'd recently talked to Elon about SpaceX and was told Elon wanted to land his rockets in the ocean to help generate coral reefs. Interesting! I also realized how frequently SpaceX was on display throughout the complex. I couldn't stop thinking any investment in SPCX will have a decent ROI in the future.
That said, the stock took a beating post-IPO as I expected. Buying at the open was foolish and I knew the big boys would pull it down for a better risk-reward opportunity. Now, it seems we may have reached the bottom and SPCX will start running north again.
On the technical front, I see several positive metrics. (remember finding confluence improves your odds of success):
- The price is very close to hitting the super trend line (green) which will act as support
- The price is trending inside a falling wedge (yellow) which should be broken to the upside soon
- Fib timezone lines are almost perfectly aligned with tops and bottoms and today we hit another line (dashed blue) which indicates the next candlestick may reverse the trend
- RSI is near 30. If you look at the 2H chart, RSI wants to move up badly
- Volume POC is at $156 which will act like a magnet and pull the price up
Note that it is possible the price visits $100 since it's a psychological level. Regardless, $100-115 is a good accumulation zone. At these levels, we're looking at a 100% return once the price visits the ATH.
The SPCX IPO and the overall macro environment were bad for other space stocks. I anticipate bullish flows will start trickling in starting next week.
See also:
That said, the stock took a beating post-IPO as I expected. Buying at the open was foolish and I knew the big boys would pull it down for a better risk-reward opportunity. Now, it seems we may have reached the bottom and SPCX will start running north again.
On the technical front, I see several positive metrics. (remember finding confluence improves your odds of success):
- The price is very close to hitting the super trend line (green) which will act as support
- The price is trending inside a falling wedge (yellow) which should be broken to the upside soon
- Fib timezone lines are almost perfectly aligned with tops and bottoms and today we hit another line (dashed blue) which indicates the next candlestick may reverse the trend
- RSI is near 30. If you look at the 2H chart, RSI wants to move up badly
- Volume POC is at $156 which will act like a magnet and pull the price up
Note that it is possible the price visits $100 since it's a psychological level. Regardless, $100-115 is a good accumulation zone. At these levels, we're looking at a 100% return once the price visits the ATH.
The SPCX IPO and the overall macro environment were bad for other space stocks. I anticipate bullish flows will start trickling in starting next week.
See also:
Nota
Additionally,- Today's candlestick seems promising with a long wick and bulls defending the price
- $150 will act as resistance on the way up (it was tested as support multiple times)
Operación activa
SPCX formed 3 candlesticks with a nice bottom wick and a green bullish candle afterwards. The idea is still active and we might see a pre-ER run soon.
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La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.