Virgin Galactic Stock Price Prediction: Make-or-Break for SPEC Stock!

• Virgin Galactic stock price had a roller-coaster ride in an interesting symmetric pattern over the daily trading chart.
• Virgin Galactic share price decreased by 2.35% during Friday’s trading session with an opening price of $4.81 and a closing price of $5.18.
• Virgin Galactic share price is trading below 20, 50, 100, and 200-Day EMA.

Virgin Galactic Holdings Inc (NYSE: SPCE) stock price was at $4.98 with a dip of 2.35% on Friday’s trading session. The trading volume remained above average in Friday’s trading session. The formation of the spinning top candlestick over the daily trading chart indicates the indecisive session in the market. 

From the start of 2023, the Virgin Galactic Stock Price stock was in an uptrend but after getting rejected from the major resistance of $6.48 sellers pushed the stock downward in a symmetric triangle pattern. The symmetrical triangle chart pattern signifies a phase of consolidation in which the price is poised to either break out or break down. When the price breaks down from the lower trendline, it signals the beginning of a bearish trend, whereas a breakout from the upper trendline indicates the start of a bullish trend. This pattern is commonly referred to as a wedge chart pattern.

The formation of the Spinning top candlestick pattern in the last trading session indicates that both bulls and bears were active in the market, the bulls were driving the price up which can be seen by the long upper shadow, while the bears were driving the price down, which is indicated by the long lower shadow. However, none of them could gain an upper hand over the other and hence the session ended with the opening price and closing price of the stock being close to each other as shown by the small body.

More About Virgin Galactic Holdings Inc (NYSE: SPCE):

Virgin Galactic Holdings, Inc. is primarily engaged in the creation, production, and operation of spaceships and associated technologies intended for commercial human spaceflight and the transportation of research and development payloads into space. The company is also involved in ground and flight testing, as well as post-flight maintenance of its spaceflight vehicles. Its clientele includes private individuals, government agencies, and researchers.

Virgin Galactic Holdings Inc (NYSE: SPCE) Stock Price Technical Analysis:

According to technical indicators, Virgin Galactic stock price may show a downward movement. RSI is decreasing in the oversold zone and is shown a negative crossover which indicates that the sellers are coming in the majority and pushing SPCE downwards. 

This shows the strength of the current bearish trend. The current value of RSI is 44.24 which is below the average RSI value of 49.74. The MACD and the signal line are decreasing but not showing a definitive crossover over the daily chart which can support the RSI claims. Investors need to watch every move over the charts during the day’s trading session.

Summary

Virgin Galactic Holdings Inc (NYSE: SPCE) stock price was at $4.98 with a dip of 2.35% on Friday’s trading session. In early 2023, the Virgin Galactic Stock Price began to rise, but when it reached the significant resistance level of $6.48, sellers caused the stock to decline, forming a symmetrical triangle pattern. The formation of the spinning top candlestick over the daily trading chart indicates the indecisive session in the market. RSI is decreasing in the oversold zone and is shown a negative crossover which shows strength in the current bearish pattern, as per the technical indicators.

Technical Levels

Support Levels: $5.79 and $6.48

Resistance Levels: $4.98 and $3.29

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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