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Virgin Galactic Offers Long Trade Opportunity
2021-08-27 • Updated
Is it time to buy?
Virgin Galactic's stock price dropped by 50% after its first fully crewed flight carrying its founder, Richard Branson.
There are a couple of factors driving the decline including the company’s move to sell about $500 million in the stock a day after the test flight, and rival Blue Origin’s successful crewed rocket ship launch in mid-July. Moreover, investors are likely looking beyond Virgin’s test flights to its commercial flying timeline, which is likely at least one year away. We think that the recent drop might be a good buy opportunity for several reasons.
The successful flight proved the beginning of a new space era. The community has become more confident that Virgin Galactic is not a start-up anymore. Moreover, the company raised the flight price from $250.000 to $450.000 which proves their confidence in future demand.
The space flight sector is still in its early stages. Also, the main competitors Blue Origin and Space X develop deep space flights and leave Virgin Galactic the only company in the space tourism sector.
Virgin Galactic stock price has formed a bullish “falling wedge” pattern with a small RSI divergence. According to this situation, the main target is $28.6. If the price breaks this level we might see Virgin Galactic worth $33 shortly.
On the other hand, if the price doesn’t hold the $23.8 support level, the way to $21.6 will be open.
People all over the world love kind and colorful Disney cartoons. What if we say that you can both adore the pictures and trade stocks of the company that creates them?
The e-commerce giant has recently faced a lot of pressure, starting from global uncertainty in China amid lockdowns and geopolitics. The company has been added to the US SEC (Securities and Exchange Commission) delisting queue. Finally, there’s an earnings report coming on August 4. Let’s discuss everything and prepare for the next move.
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