SPCX (Space Explorations Technologies Corp) offers an aggressive long entry here on this 60-m bullish engulfing candlestick and/or an alternative entry or add-on to a starter/fractional position taken here could come on a solid break above this primary downtrend line off the post-IPO & ATH in SPCX. 30-minute chart below.
SPCX 30m July 28th
The price targets* are T1 at the intersecting downtrend line & 112 resistance level, T2 just shy of the 117ish resistance, T3 just shy of the 121.39ish resistance, and a fourth & final target zone (T4 zone) around 127.80-130.25ish. The maximum suggested stop (if targeting the T4 zone is any move below 100.46, or higher, if targeting one or more of the lower targets.
This should be considered a very aggressive, “catch-a-falling-knife” trade, with only scant potential evidence of a bottom in the stock (today’s 30-minute bullish engulfing candlestick combined with a bit of “gut feel/intuition”. As always, one should pass on trade ideas that don’t align with one’s unique risk tolerance, trading style, objectives, and/or outlook for a particular security.
(*price targets mark the actual resistance levels where the odds for a reaction upon the initial tag are elevated. Best to set sell limit orders slightly below the actual resistance level one is targeting, in case the sellers step in early).