SPCE Dragon

Could be an early reversal here on $NYSE:SPCE. A spicy dragon pattern has formed and currently attempting a backtest of the spine. This one has been a big pumper in the past, so I am cautiously optimistic for now.

I'd expect a LL if it loses this supply line. Proceed with caution.

Comment:

A dirty retest of the supply line. The idea is still valid for now (really until it breaks the level of the back leg).

Trade active:

Price is still being pinned down for now, but my convictions remain the same. CO wants as many people as possible on the sidelines for the big move.

Sometimes these dragon patterns have a false break above the spine on the first move to catch early longs off guard but end up making another back leg. We see the downsloping accumulation tightening up here and could be a powerful spring if it ends up making a double bottom.

Things will open up above 1.85.

Comment:

Well, well, well.

CO sweeping the lows. RSI dipping below 20 on the 15m chart. PA may not turn positive until after earnings, but we'll see. I still maintain that the pump is coming, just need to shake out more long.

Watching to see how it closes the week.

Comment:

We had a rough start.CO did a nice job sweeping the lows and knocking off early longs. Now we're back to where we started when I posted the idea. Can't win em all I suppose. Hopefully some of you stuck with the idea.

The setup is looking much better now. Green volume pick up.

I'm eyeing 2.53 and then 3.95.

Trade active:

Earnings looking good. Composite man may have given us the green light afterhours. Lets pump this s.

Comment:

Good girl.