SPCE - MULTIPLE SCENARIOS - DEFIENTELY LONG SHORT TERM!Good Ol' SPCE, the swing monster:
Entered calls at $31 after seeing the volatility squeeze and bottom of the cup forming. Profit targets set at 40.66 and 43.57 with respective .5fib and .618 fib. Trimming positions at these levels, will continue holding the rest of my positions if .618 fib is broken and aim for 1:1 retracement at 52.95. If price reverses at .5 or .618 fibs, I will consider this move a correction to the down trend and will enter puts/short, riding it down to $20. Watch these aforementioned key levels to enter, I am prepped for any scenario currently that the chart has presented.
Bullish indications:
RSI: 30m, 4hr, and 1d, all trending up, this is rare to find and increases my confidence that price will hit atleast the 40.66 level.
MACD: 1day Bullish Divergence cross over, be careful tho as the 30m macd is crossing over with a bearish divergence, this is less prominent as it's only the 30m. The longer the interval, the higher the importance. 1 days trumps 30m on RSI but a 30m cross over could allow better position entry. Although I personally wouldn't take the chance as the price action and structure is strong.
If this doesn't get rejected on the way up, I could see potential for this sucker to blast to 71.10, it all depends on how fast it can move through these key fib levels.
4hr chart:
1D chart:
