Virgin Galactic Holdings Inc. (NYSE:SPCE) shares traded higher Friday after the company announced the flight window for its next rocket-powered test flight of its SpaceShipTwo Unity will open on July 11.
Virgin Galactic was up 7.08% at $46.25 at last check.
Virgin Galactic Daily Chart Analysis
- Shares have been trading back and forth between two sideways channels and have been heading toward resistance.
- The stock is trading above both the 50-day moving average (green) and the 200-day moving average (blue), indicating sentiment in the stock is likely turning bullish.
- Each of these moving averages may hold as a possible area of support in the future.
Key Virgin Galactic Levels To Watch
- The stock has been trading sideways for a while in a channel and looks to be moving toward the $60 resistance level.
- The stock was recently able to cross above the $35 mark, which had acted as resistance. Now the stock is above the level and it may hold as support.
- If the $35 level is unable to hold as support, the stock may not find a strong support level again until it falls and reaches the $15 level.
What’s Next For Virgin Galactic?
Bulls would like to see the stock continue to build higher lows and work its way up to the $60 level. If the stock is eventually able to break above the $60 level and hold its gains above the level, then it may see a further push.
Bearish traders would like to see the stock break back below the $35 level. If the stock can hold below the $35 level then it may head down near the $15 level. Bears would also like to see the stock break below the moving averages for a potential trend change.
