SPCE has formed a head and shoulders pattern which is a bearish sign. The stock has been declining since mid February and formed a head and shoulder pattern and confirmed downward breakout during mid April dropping below the neckline price of $24 per share. The stock has declined more than 37% during the last 30 day period and is trading around strong resistance line and 52 week lows. Average decline in head and shoulder pattern is 20-25% and average change after the trend ends is around 50%.I think this is a good buy the dip opportunity!
I entered the trade at $14.25 (pre market).
My price target is $24.5 during next 45-60 days, can set a stop loss around $13. This is a good risk reward opportunity!
Good luck and trade smart! (not a financial advice)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.