SPCX: Watching for Follow-Through or Fade After Today's Pop
Pretty significant move on $SPCX today, closing up over 15% at 133.11. The intraday range was pretty wide, bouncing from 114.56 to 133.48. What's interesting to me is that this surge comes after a period of relative consolidation, or at least a lack of strong direction.
From a technical standpoint, I'm watching the 135-138 area closely. That's a prior resistance zone from a few weeks back. If we get sustained price action above that range on decent volume, it could suggest a more meaningful breakout attempt. The risk here, as always with these sharp pops, is a quick fade. If we fail to hold these gains and drop back below, say, the 125 mark early next week, then today's move just becomes another head fake in a choppy range. No position here, just observing the reaction to this vol spike.
Good points on the resistance. I'm wondering if the volume today supports a genuine break or if it's more of a short squeeze trapping some latecomers?