Astra Space Fires A Rocket To Orbit — And The Stock Follows Closely Behind

Astra Space Inc. ASTR shares are trading higher Monday after the company completed its first commercial orbital launch for the U.S. Space Force. The launch of STP-27AD2 was conducted from Astra’s Kodiak Spaceport in Kodiak, Alaska, and was deemed a historic milestone for the company after the rocket was able to reach orbit.

Astra Space was up 25.18% at $11.93 Monday morning at publication.

Astra Space Daily Chart Analysis

• The stock looked to be trading in what technical traders call an inverse head and shoulders pattern and saw a gap higher Monday morning.
• The inverse head and shoulders pattern shows the stock formed a higher low after a downtrend, possibly signaling a reversal. The stock may find resistance in the future near a key area of previous resistance around the $17 level.
• The stock trades above the 50-day moving average (green) and crossed above the 200-day moving average (blue) Monday, indicating the stock is likely seeing sentiment turn more bullish.
• Each of these moving averages may hold as an area of support in the future.
• The Relative Strength Index (RSI) flew higher Monday and now sits at 74 on the indicator showing that the stock has now entered into the overbought area. This shows as of Monday the buying pressure heavily outweighs the selling pressure.

See Related: Why Astra Space Shares Are Rocketing Higher Today

What’s Next For Astra Space?

Bullish traders are looking to see the stock be able to hold some of the gains it made from the jump Monday. If the stock can see a period of consolidation, it may start to head back up toward resistance. Bulls are then looking for the stock to build higher lows and cross above resistance in time.

Bearish traders are looking to see the stock push back down toward where it traded on Friday. If the stock loses the gains made Monday, it might give a more bearish outlook heading into the future.

Photo: Brady Kenniston for Astra Space