Space Exploration Tech Stock (SPCX) Is Yet To Validate The Bottom
Space Exploration Tech stock reported its latest earnings, delivering a surprisingly strong performance that could generate decent buying pressure in the stock. 
The chart above shows that the price formed a bottom and rebounded from the 161.8% Fibonacci extension level. However, the price is still trading within the discount zone, where additional confirmation is needed before anticipating a sustained trend reversal.
Space Exploration Tech Stock (SPCX) – Buy Signal
As the opening price lacks strong momentum, the primary strategy is to wait for the price to break above the 118.30 swing high. A move above this level could increase the probability of advancing beyond the 50% Fibonacci retracement level. Furthermore, a breakout above the 149.00 resistance area would open the door for a move toward, and potentially beyond, the current all-time high.
Space Exploration Tech Stock (SPCX) – Sell Signal
The alternative scenario is to wait for the price to invalidate the current bottom. A new swing low below the 161.8% Fibonacci extension level remains possible, as the prevailing market momentum continues to be strongly bearish.
