SPCE ? Consolidation ? Short Squeeze ?
SPCE is at a line in the sand of the chaos of the market.
On the 4H chart, price has bottomed and might be making a reversal pivot
as supported by a rising line segment on the RSI out of the oversold zone.
The though of a reversal is also supported by price crossing over the POC
line of the volume profile. Price above the POC line shows buyers are dominating
although some of the buyers are buying to cover shorts. Below the POC line,
sellers are dominating. If SPCE can get a trajectory upward, a short squeeze
could ignite a launch.
( Fundamentally, SPCE is dying and waiting for Eton Musk to make a good offer.)
This could be worth watching with an alert set 10% above the current price and
a volume alert at 50% above the moving average 20-day volume.
On the 4H chart, price has bottomed and might be making a reversal pivot
as supported by a rising line segment on the RSI out of the oversold zone.
The though of a reversal is also supported by price crossing over the POC
line of the volume profile. Price above the POC line shows buyers are dominating
although some of the buyers are buying to cover shorts. Below the POC line,
sellers are dominating. If SPCE can get a trajectory upward, a short squeeze
could ignite a launch.
( Fundamentally, SPCE is dying and waiting for Eton Musk to make a good offer.)
This could be worth watching with an alert set 10% above the current price and
a volume alert at 50% above the moving average 20-day volume.
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SPCE had a nice pop after-hours to take out the stop loss of the short. This could be the beginning of the reversal or short sellers buying to cover and take profit. Hard to say. Seems to me a small long position right now hedged with a put option for insurance as I have already done might be the best approach until clarity for this market occurs.
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Sideways consolidation. Fed news today.