Virgin Galactic Rockets Higher After Latest Space Travel Announcement

Virgin Galactic Holdings Inc. SPCE shares are trading higher Tuesday after the space travel company announce it will open ticket sales to the general public for the purchase of one of Virgin Galactic's initial spaceflight reservations.

During spaceflight, astronauts will experience a 90-minute journey including a signature air launch and Mach-3 boost to space.

Virgin Galactic shares are up 27.52% at $10.38 at time of publication.

See Also: What's Boosting Virgin Galactic Shares Today?

Virgin Galactic Daily Chart Analysis

• Shares were trading in a sideways channel and fell below the $15 support level in late December. This may now hold as an area of resistance for the stock, and if able to reclaim this level, the next area of strong resistance may be found near $35.
• The stock is having a strong day and pushing back toward the $15 level. This resistance area may be tested soon if the stock can begin to form higher lows.
• The stock trades below both the 50-day moving average (green) and the 200-day moving average (blue). This indicates the sentiment is bearish, and each of these moving averages may hold as an area of resistance in the future.
• The Relative Strength Index (RSI) has been climbing higher the past few weeks and now sits at 53 on the indicator. This shows there is now more buying pressure than there is selling pressure in the stock for the first time since July 2021.

What’s Next For Virgin Galactic?

Virgin Galactic has been on a downward spiral for the last half of the year and has fallen below all support lines. The recent announcement has given some life to the company once more and if successful, could start pushing the stock price higher once again.

Bullish traders want to see higher lows form and for the price to be able to cross above the $15 level once again. Bearish traders want to see the $15 hold as an area of resistance and for the stock to begin to dip lower once again.