Here is an update my recent Virgin Galactic idea. The price has fallen below and retested the rising support line once that was established from the bounce off of $6.90. The blue arrow represents the maximum upside potential before the next leg down. Sideways movement towards the falling resistance line before the next leg down is another possibility. The Red Arrow represents another 20% fall below the current support price of $6.90. This move could represent the bottom of this falling wedge. Will follow up on this later.
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Spce is testing the resistance line in premarket trading. It will need to flip this resistance to begin an uptrend. Rejection below $8 should validate the bearish move.
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Chart is turning bullish. A good place to add some more or make an entry would be between the range of $7.85 - $8.30