Virgin Galactic Inc. (SPCE) fell apart in October after delaying the first tourist space flight by one year, citing design issues. The decline pierced May support in the mid-teens in December, ahead of continued downside that ended within 70 cents of 2019’s all-time low in January. Ticket sales for the general public went on sale last week, triggering a round of excitement, followed by a deep fade. The stock could take another shot at higher ground after this week’s Q4 2021 release.
Cardano (ADA) has dropped 68% since posting an all-time high at $3.10 in September, undercutting par ($1.00) for the first time in 9 months. This is a critical price level, generating multiple 2021 recovery waves. It tagged support for the first time since July in January, yielding an uptick that booked little upside before sellers in force returned two weeks ago. The crypto hit an all-time low at $0.9146 over the holiday, raising odds that support has now become resistance.
iShares MSCI Emerging Markets Index Fund (EEM) has struggled since February 2021, dropping more than 15%. The selloff has tracked a declining channel, with resistance aligned at the 200-day moving average. The monthly Stochastic oscillator has just crossed into the first buy cycle since 2018, at the same time that Omicron is rapidly receding from the population. This harmonic convergence could signal a strong rally, potentially lifting the fund to an all-time high.
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Disclosure: the author held Virgin Galactic in a family account at the time of publication.
