AST SpaceMobile Looks To Be Getting Ready To Break Past Resistance

AST SpaceMobile Inc ASTS shares are trading higher Friday, although there looks to be no company-specific news to explain the jump in price. The stock is a popular name in Reddit’s WallStreetBets community and is possibly moving as retail traders pushed the stock up.

AST SpaceMobile was up 10.87% at $12.95 at last check Friday at market close.

AST SpaceMobile Daily Chart Analysis

• The stock looks to be approaching resistance in what technical traders call an ascending triangle pattern.
• The $14 price level is an area where the stock had struggled to cross above in the past and it may continue to hold as resistance in the future. The stock has been able to find support near the higher low trendline, and may continue to in the future.
• The stock trades above both the 50-day moving average (green) and the 200-day moving average (blue), indicating the stock is likely facing a phase of bullish sentiment.
• Each of these moving averages may hold as a potential area of support in the future.
• The Relative Strength Index (RSI) has been pushing higher the past few weeks and now sits at 63. This shows there have been more buyers moving into the stock.

What’s Next For AST SpaceMobile?

Bullish traders would like to see the stock build higher lows up toward resistance before breaking above the level. Bulls would then like to see the $14 level become an area of support. The $14 level becoming support hints that the stock could see another bullish push following.

Bearish traders are looking to see the stock begin to fall and then break below the higher low trendline. A break below the higher low trendline could indicate that a trend change is coming.

Photo: NASA via Unsplash