Virgin Galactic (NYSE: SPCE) stock price has rebounded from fresh monthly lows. The shares of the commercial space tourism company are currently 10.9%, up from their recent lows. Technical analysis shows that there is still a potential 20% upside for the stock.
The share of Virgin Galactic has remained highly volatile in 2023. The stock experienced a massive sell-off after the collapse of its former subsidiary Virgin Orbit. Nevertheless, the price has nicely held a key support level and is now in the midst of a recovery.
Virgin Galactic Announces 2nd Commercial Space Flight
According to the latest Virgin Galactic news, the company has announced the flight window for the 2nd commercial space flight. As per the details, the window will open on August 10, and the details of the pilot and crew will be released later.
Virgin Galactic stock price surged in June ahead of the company’s first commercial space flight. However, most of the gains were lost in the first week of July. While the stock has shown some recovery since then, it remains 35.5% down from June highs.
Virgin Galactic Stock Price May Surge 20%
The latest analysis reveals that NYSE: SPCE might be heading for the retest of the downward trendline, as shown in the chart below. This will be a potential 20% move from the current price. The outcome of this retest will be very critical for the shares of the pioneering space tourism company.
Virgin Galactic stock price forecast can flip bullish only if it breaks above the downward trendline and breaks above the $5.5-$6.5 supply zone. If the bullish sentiment in the markets persists, such a move may occur in the coming months.
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