SPCE: Is it worth to trade it right now?Hello traders and investors! Let’s take a look at SPCE today!
Yes, SPCE is dropping sharply, we have no reversal sign around, and there’s nothing telling us it’ll stop dropping. However, we have some key points to keep in mind.
Since we lost the 21 ema and the gap area (yellow square), which was indeed an Exhaustion Gap , I think we can work with Fibonacci here. Another support lost is the 38.2% retracement, and in these circumstances, the 50% retracement usually works.
This retracement level is around $ 35.80, which is starting to get close to the 21 ema in the weekly chart:
It looks like we had a huge V-Shape recovery here, and now we are just doing a pullback. In the mid-term, the odds are that one of the retracements will hold the price, but the 50% retracement would be a perfect support. If SPCE hits there, then it might be worth to trade it.
If SPCE will lose it afterwards, or if it’ll give us a reversal sign and fly again to the $ 60 we don’t know yet. SPCE could be an interesting stock to trade, but right now, my students and I are aiming for more interesting stocks.
Just focus on the points mentioned in this analysis and you’ll be just fine. If you liked this analysis, remember to follow me to keep in touch with my daily free studies, and support this idea if it helped you!
Thank you very much!
