
Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
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Virgin Galactic's stock price dropped by 50% after its first fully crewed flight carrying its founder, Richard Branson.
There are a couple of factors driving the decline including the company’s move to sell about $500 million in the stock a day after the test flight, and rival Blue Origin’s successful crewed rocket ship launch in mid-July. Moreover, investors are likely looking beyond Virgin’s test flights to its commercial flying timeline, which is likely at least one year away. We think that the recent drop might be a good buy opportunity for several reasons.
The successful flight proved the beginning of a new space era. The community has become more confident that Virgin Galactic is not a start-up anymore. Moreover, the company raised the flight price from $250.000 to $450.000 which proves their confidence in future demand.
The space flight sector is still in its early stages. Also, the main competitors Blue Origin and Space X develop deep space flights and leave Virgin Galactic the only company in the space tourism sector.
4H chart
Virgin Galactic stock price has formed a bullish “falling wedge” pattern with a small RSI divergence. According to this situation, the main target is $28.6. If the price breaks this level we might see Virgin Galactic worth $33 shortly.
On the other hand, if the price doesn’t hold the $23.8 support level, the way to $21.6 will be open.
Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
Ichimoku Kinko Hyo EUR/JPY: The EUR/JPY pair is now trading within the Kumo…
Ichimoku Kinko Hyo USD/JPY: The USD/JPY pair is now trading above the Kumo…
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.
Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
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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