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Wednesday, August 10, 2022

Virgin Galactic Holdings Inc. (NYSE: SPCE) On A 9 Month High; Know What It Means

Virgin Galactic Holdings Inc. (NYSE: SPCE), an American British spaceflight company within the Virgin Group, has been showing bullish trends since the beginning of the coronavirus pandemic. It has finally reached a milestone which none of its predecessors could reach. SPCE stock is enjoying a 9-month high and analysts argue that there is room for more.

Let’s unpack why this stock that was under the radar for so long, suddenly cropped up to fame since the initial months of this year. SPCE prices went from $10 to more than $40 in a span of 6 weeks. But the hype faded away as fast as it had appeared. Just a month later, the stock prices of this company were running in the negatives and the company also lost all its gains.

Virgin Galactic Holdings Inc. (NYSE: SPCE) Stock Analysis

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Here comes the twist in the SPCE tale. Bullish traders took advantage of the situation and the company, since then has been witnessing a digging competition between the bulls. Major investors are of the opinion that one should be beware of this stock as it is a pure hype stock.

However, the company is moving towards a major rise in demand with each pullback it faces. After being under the radar for so long, the company has finally unleashed a ton of buyers. For the last 5 weeks, the company’s share prices have increased by 60% and have moved past every resistance zone in its path.

Analysts argue that the company might not return to the February, 2020 peaks any time soon but it has surely set the trend for bullish outcomes in the upcoming future. Investors believe that the company will continue down its fresh uptrend path for a major part of 2021 and the years following after that as well. 

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