SpaceX Update: Profit Booking After ListingSPCX is witnessing healthy profit booking after its strong post-listing rally.
The recent decline does not necessarily indicate a trend reversal. It appears that early participants are booking profits after the sharp move from listing levels.
As long as the stock holds above $160, the broader bullish structure remains intact.
Trading Plan
• Support Zone: $160
• Stop Loss: $160
• Upside Target: $250
A sustained hold above support could attract fresh buyers and potentially drive the next leg higher toward the $250 region.
Newly listed stocks are often volatile. Expect sharp swings as the market discovers a fair price.
Risk Management First.
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Long