SPCE: Is it about to reverse the trend?
Hello traders and investors! Let’s see how SPCE is doing today!
The stock is in a crystal-clear short-term bull trend, as seen in the 1h chart, because it is doing higher highs/lows. The problem is the resistance at the $ 33.90, which seems to be giving a hard time for SPCE.
Now, we are doing a pullback, as usual, and the two main supports are the 21 ema and the purple trendline.
In the daily chart, we see that SPCE is just dancing around the support at the 61.8% Fibonacci's Retracement, and it is trying to reverse. Today, we hit the 50% retracement, and we are clearly trying to defeat the 21 ema. The volume is increasing, while during the accumulation seen in the last weeks it was very low.
If SPCE is about to reverse for good, it must defeat the $ 33.90 once for all, but it might do a pullback before. It is not my favorite stock, but between a long or a short trade, definitely the Risk/Reward ratio favor long trades.
If you liked this analysis, remember to follow me to keep in touch with my daily updates.
Have a good weekend.
The stock is in a crystal-clear short-term bull trend, as seen in the 1h chart, because it is doing higher highs/lows. The problem is the resistance at the $ 33.90, which seems to be giving a hard time for SPCE.
Now, we are doing a pullback, as usual, and the two main supports are the 21 ema and the purple trendline.
In the daily chart, we see that SPCE is just dancing around the support at the 61.8% Fibonacci's Retracement, and it is trying to reverse. Today, we hit the 50% retracement, and we are clearly trying to defeat the 21 ema. The volume is increasing, while during the accumulation seen in the last weeks it was very low.
If SPCE is about to reverse for good, it must defeat the $ 33.90 once for all, but it might do a pullback before. It is not my favorite stock, but between a long or a short trade, definitely the Risk/Reward ratio favor long trades.
If you liked this analysis, remember to follow me to keep in touch with my daily updates.
Have a good weekend.
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