Virgin Galactic Stock Price Surges On FAA Manned Space Flights Approval

Virgin Galactic stock price surged strongly this Friday after the company announced that it had received approval from the US aviation safety regulators to conduct space flights with passengers. 

The approval comes a month after a successful test flight, in which one of its aircraft performed a human-crewed space flight with two pilots on board. 

In a statement announcing the approval, CEO Michael Colglazier remarked that the FAA’s consent had given the company the confidence to move ahead with its first full crewed test flight in the summer. 

Virgin Galactic stock price has opened the trading day with a bullish gap of 16.47% from yesterday’s closing price and now trades at 46.96 as of writing. 

Technical Outlook for Virgin Galactic

The Virgin Galactic stock price is now testing resistance at 47.02, formed by the previous neckline of the 2 February/12 February double top. If the price action breaks past this resistance, we could see a move towards the 52.00 psychological resistance (5 February low). Other targets to the north include 57.48 and 60.71. 

On the flip side, failure to break the resistance at 47.02 could lead to a pullback that targets 39.80, with 35.04 and 32.08 forming additional downside targets.

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Virgin Galactic: Daily Chart

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