
Powell wants a soft landing for inflation, as Greenspan did in 1994. But it looks like he will get a hard landing.
Don’t waste your time – keep track of how NFP affects the US dollar!
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On September 29, Virgin Galactic announced the Federal Aviation Administration approved launches resume. The FAA investigated the reasons why the spaceship veered off course while descending during a July flight with founder Richard Branson aboard. FAA approved corrective actions proposed by Virgin Galactic.
Virgin Galactic said it would incorporate additional steps in its flight procedures to ensure real-time mission notifications to FAA air traffic control.
On October 14, Virgin Galactic announced that it would begin its planned enhancement program for VMS Eve and VSS Unity and would conduct the Unity 23 test flight after this work is complete.
The enhancement program is designed to improve vehicle performance and flight-rate capability for VMS Eve and VSS Unity.
Virgin Galactic stocks have always been highly volatile. For the past several months investors have been paying attention to the company’s workflow. The volatility fell extremely low and usually at these moments big players start gaining their positions.
According to Webull.com, some big players are buying Virgin Galactic’s stocks while the price is going down. Insiders might know some information that is not available for a regular user. That’s why it is important to use technical analysis to find such moments and buy stocks before the news gets announced.
Weekly chart
If we look at the weekly chart, we can notice that there is a strong support trend line, which has been holding the price since November 2019. The price might break through this line, but it should not close a weekly candle below it. If it does, the bearish sentiment will be confirmed and the price might drop as low as $9.5.
Right now the buy zone is between $15.5 and $17.3. If the price reaches these levels buyers will get activated and huge volatility is expected that’s why the best option is to set your orders beforehand.
Targets for an upcoming movement are $21.5, $24.5, $33.
Powell wants a soft landing for inflation, as Greenspan did in 1994. But it looks like he will get a hard landing.
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The US dollar index rose to 105.40 after the Fed’s 75-basis-point key rate hike, while the stock and the crypto markets fell. However, during the past few days, investors and traders returned to risk assets as they expect inflation growth to slow. Moreover, Jerome Powell, the head of the Federal Reserve, announced the Fed might start cutting the key rate by 2024, which is the most evident hint of an upcoming market reversal.
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Last week was shocking! The US dollar gained more than 2% against other currencies ahead of the 75-basis points rate hike by the Federal Reserve on Wednesday but dropped after the announcement…
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