There was an error with Tradingview, so the description will be in the comments/update chain.
Comment:
Though imperfect and foreign to most, this type of technical analysis focusing on symmetries and retracements often predict seemingly unpredictable price movement when sufficient conditions are met.
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This technical analysis points out potential short term and long term price trajectories. As you can see, briefly after the merger between Virgin Galactic and the SPAC, Social Capital Hedosophia, to create SPCE, SPCE began taking off due to the scarcity of investment opportunities available in the space tourism area. Just as with other assets and stocks where future revenues and potential are unknown, such as the shitcoin craze of 2017 (Cryptocurrency ICO's), and stocks such as BYND, SPCE took off running ~300%. Unfortunately it's run was cut short due to the pandemic induced market meltdown.
Comment:
The trajectory pre-market meltdown was steeply ascending with significant volume and a rapidly growing retail backing. It seems clear that SPCE was headed toward $80-$100 prior to the market meltdown. I believe it's run being cut short and market meltdown induced overselling poses an exceptional opportunity for a second coming of retail enthusiasm at a decent price, back around where SPCE was priced prior to it's first bull run. Recently space exploration and space tourism have been back in the news after SpaceX's successful trip to the space station and I believe retail investors are beginning to take notice. The gained attention paired with the lack of investment opportunities make it likely that there will likely be money flowing into SPCE in the short-term.
Comment:
As you can see, the parallel uptrend lines of past bull runs indicates a comfortable slope of uptrends for SPCE and those that trade it, while the recent support action hints at a potential bottoming and a symmetrical retracement back up to it's all time high of $40, and perhaps even well beyond that, either in short order following a perfect retracement back up (about four weeks) or a little over a quarter (about fourteen weeks) following the less steep ascending slope that the stock seems more comfortable with. If enough retail FOMO is built up in a short amount of time, SPCE is much more likely to reach ATH levels in short order than if social momentum builds more gradually. Personally, I'll be betting, with call options, for the recovery to take fourteen weeks, as opposed to only four weeks, as it's the safer play.
Comment:
SPCE's price target is currently ~50% above it's current price at $24. Given the market seems to be in an extremely bullish bought of delusion and most price targets continue to be raised, rather than lowered, as for funds to justify buying them at overpriced multiples, I think the average price target of SPCE will only increase in the case of SPCE running so that funds can justify FOMOing into SPCE during an absurd bull run.
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The Tradingview error consists, so it won't let me post the rest as an update. I will post the rest in the comments section.
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*The Tradingview error persists, so it won't let me post the rest as an update. I will post the rest in the comments section. It mistakenly classifies some part of the text string as a link and won't let me post.