SpaceX stock tests key support as Starlink eyes mobile expansion
SpaceX remains under pressure after the October sell-off, but new telecom ambitions could support the longer-term growth story. The next test is whether buyers can defend $130 and turn oversold conditions into a rebound.
SpaceX is reportedly in talks with EchoStar over a potential acquisition of Boost Mobile or access to its mobile infrastructure. Elon Musk’s company is looking at ways to combine the Starlink satellite network with terrestrial wireless networks and compete more directly with the largest U.S. telecom operators.
Boost Mobile could accelerate SpaceX’s entry into the roughly $235 billion U.S. mobile market. No agreement has been reached, however, and access to AT&T and T-Mobile networks could require separate negotiations or approvals.
SPCX approaches key support after breaking below 50 SMA
SpaceX stock failed to hold the previously identified $155 support level and fell below the $146 target, where the 50-day SMA was located. On October 30, the price tested $134.50.
The nearest support now sits at $130. If the stock fails to stabilize today, the decline could extend toward that level.
At the same time, locally oversold conditions leave room for a short-term rebound. During today’s session, the stock could attempt to close the October 30 gap near $141.
A more durable recovery, however, would likely require several days of consolidation. Without that, any rebound could prove short-lived and selling pressure may return.
US elections add political risks to the Starshield controversy
The November 3 U.S. congressional elections add another source of volatility. Democratic lawmakers have already sought explanations from Elon Musk over restrictions on Ukrainian military access to Starlink and Starshield systems. Senator Richard Blumenthal has also launched a separate congressional inquiry into the circumstances surrounding the incident.
Political scrutiny could increase uncertainty around SpaceX’s government contracts. With the elections approaching, fresh statements from lawmakers may trigger sharp moves in the stock, leaving short-term traders exposed to elevated event risk.
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