Virgin Galactic announces collaboration with Space for Humanity after muted trading session

Virgin Galactic announces collaboration with Space for Humanity after muted trading session
Virgin Galactic stock edges higher today

Virgin Galactic announced a three-year partnership with Space for Humanity to fly up to 18 astronauts on three missions. The stock edges higher on the day, trading at $2.51.

Highlights

  • Virgin Galactic agreed to a three-year partnership with Space for Humanity to transport up to 18 astronauts on three separate missions.
  • Virgin Galactic stock edges higher on the day, trading at $2.51.
  • Of the 28 analysts covering the stock, 8 rate it a buy and 4 recommend selling, with a median price target of $3.05.

Virgin Galactic announced a three-year collaboration with Space for Humanity, a nonprofit organization focused on expanding access to space, Investing.com India reported. The collaboration covers three missions, with plans to fly up to 18 astronauts. Megan Prichard, Chief Growth Officer at Virgin Galactic, described this as a real opportunity for transformation and impact.

Bearish chart structure persists as early gains fade below key averages

The session opened with a gap up from the previous close of $2.5 to $2.54, with price giving up some of those early gains since. Shares of Virgin Galactic remain below their MA-20, MA-50, and MA-200, keeping the daily chart structure bearish. The nearest support level is at the weekly low, $2.45. Stoch RSI is nearing overbought territory, suggesting the recent advance could be getting stretched.

Downside probabilities dominate as traders watch the $2.45 support

Traders should watch for a close above $2.57 to confirm buyers are following through on the move. Price gapped higher from $2.5 to $2.54 at the open but has since retreated from the session highs. Still, following a sharp move lower over the past week without a sustained trend, the outlook over the next five trading days puts upside probability at less than 20% and downside probability at more than 80%, with an expected trading range between $2.37 and $2.64. A drop below $2.45 would indicate the move is being faded. On the weekly chart the longer-term picture stays firmly negative.

Previously it was reported that Virgin Galactic and Space for Humanity had entered into a collaboration to conduct three missions carrying up to 18 astronauts. The current article builds on this by detailing initial share price reaction while noting that with the stock still trading below key moving averages, a breach of either $2.64 resistance or $2.37 support in the coming days could determine the next directional move.

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