Virgin Galactic Forms Reversal Signal As The Stock Reaches Oversold Territory
Portfolio Pulse from Melanie Schaffer
Virgin Galactic Holdings, Inc (NYSE:SPCE) saw a 10% increase in its stock price before falling to near flat. The stock reached a new all-time low despite announcing four successful spaceflights in the last four months. The company's relative strength index (RSI) is at about 22%, indicating the stock is oversold. The recent downtrend started on June 21, with the stock plunging almost 70% since then. The stock has resistance above at $2.46 and $3.10 and support below at $1.86 and the psychologically important $1.50 mark.
September 14, 2023 | 7:09 pm
News sentiment analysis
Sort by:
Ascending
NEUTRAL IMPACT
Virgin Galactic's stock is currently oversold, indicating a potential reversal to the upside. However, the stock has been in a downtrend since June 21, plunging almost 70%.
The stock is currently oversold, which usually indicates a potential reversal to the upside. However, the stock has been in a downtrend since June 21, plunging almost 70%. This suggests that while there may be a short-term increase in the stock price, the overall trend is still bearish.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100