SpaceX shares traded near $137 in premarket activity on Wednesday, hovering close to the $135 initial public offering price and Tuesday's record low. The stock has declined nearly 40 percent from its mid-June high of $225.64, breaching several support levels along the way.
A falling wedge formation on hourly charts, accompanied by bullish divergence in relative strength index readings, points to a potential recovery toward $158. The upcoming Starship Flight 13, scheduled for Thursday and carrying 20 operational Starlink V3 satellites, represents a significant near-term event. A successful launch could support a breakout from current levels, while any setback might test the IPO price floor.
Investment bank Evercore ISI recently initiated coverage of the company with an outperform recommendation and a price target of $230. The developments reflect ongoing volatility in shares of the privately held rocket and satellite operator following its public listing.
A falling wedge formation on hourly charts, accompanied by bullish divergence in relative strength index readings, points to a potential recovery toward $158. The upcoming Starship Flight 13, scheduled for Thursday and carrying 20 operational Starlink V3 satellites, represents a significant near-term event. A successful launch could support a breakout from current levels, while any setback might test the IPO price floor.
Investment bank Evercore ISI recently initiated coverage of the company with an outperform recommendation and a price target of $230. The developments reflect ongoing volatility in shares of the privately held rocket and satellite operator following its public listing.