Virgin Galactic (SPCE)

Apr 15, 2021Trade Ideas

Virgin Galactic (SPCE) may be good for a quick swing trade.

The stock just broke through its 200-day moving average to the downside. Plus, should it now break below double bottom support, it could break below $20, near-term. All after Richard Branson sold over $150 million worth of SPCE stock. That comes weeks after SPCE Chairman Chamath Palihapitiya sold his personal stake in the company.

It’s also pulling back after Jeff Bezos’ Blue Origin launched and landed another test flight. Reportedly, it’s also getting ready to launch people with it, well ahead of Virgin Galactic.

“New Shepard is designed to carrying people on a ride past the edge of space, with the capsules on previous test flights reaching an altitude of more than 340,000 feet (or more than 100 kilometers). The capsule spends as much as 10 minutes in zero gravity before returning to Earth, with massive windows to give passengers a view,” as reported by CNBC.

Hopefully SPCE will get itself together. For now, it’s probably a better short opportunity. One way to trade further potential downside is with the SPCE May 21, 2021 23 put.

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