SPCE: Time to buy now?
Hello traders and investors! Let’s take a look at SPCE again! Is it finally interesting now? Well, we’ll see.
SPCE is still in a bear trend, and there’s not a single reversal sign around. We can assume SPCE is just bouncing back to its 21 ema, before it drops again.
However, I agree that the recent candlesticks are looking interesting, and it gets better if we look at the daily chart:
Despite the lack of bullish structure in the 1h chart, we have a good candlestick pattern here, which looks like a Bullish Engulfing, just above the support level made by the 61.8% Fibonacci’s Retracement.
The 50% retracement didn’t hold the price as I thought in my previous analysis, but the 61.8% is as good as any retracement. The volume is good too, and this could be a buy sign.
The problem: It is a very risky buy, as we have no solid bullish structure around, and just one candlestick pattern might be not enough. What’s more, the volatility is quite high, SPCE should decrease it a little bit more, and a sideways movement for the next weeks is something we can imagine. Moments like this brings a lot of stress, as we see many erratic movements.
To sum up, if I had to do anything on SPCE, I would buy, as the Risk/Reward ratio favors long trades. Nevertheless, since I have option to stay out of this, I rather prefer to trade other stocks, outside of people’s radar, which are much more interesting than SPCE.
Remember to follow me to keep in touch with my daily updates, and support this idea if you liked it!
Thank you very much!
SPCE is still in a bear trend, and there’s not a single reversal sign around. We can assume SPCE is just bouncing back to its 21 ema, before it drops again.
However, I agree that the recent candlesticks are looking interesting, and it gets better if we look at the daily chart:
Despite the lack of bullish structure in the 1h chart, we have a good candlestick pattern here, which looks like a Bullish Engulfing, just above the support level made by the 61.8% Fibonacci’s Retracement.
The 50% retracement didn’t hold the price as I thought in my previous analysis, but the 61.8% is as good as any retracement. The volume is good too, and this could be a buy sign.
The problem: It is a very risky buy, as we have no solid bullish structure around, and just one candlestick pattern might be not enough. What’s more, the volatility is quite high, SPCE should decrease it a little bit more, and a sideways movement for the next weeks is something we can imagine. Moments like this brings a lot of stress, as we see many erratic movements.
To sum up, if I had to do anything on SPCE, I would buy, as the Risk/Reward ratio favors long trades. Nevertheless, since I have option to stay out of this, I rather prefer to trade other stocks, outside of people’s radar, which are much more interesting than SPCE.
Remember to follow me to keep in touch with my daily updates, and support this idea if you liked it!
Thank you very much!
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