Virgin Galactic (SPCE) Stock: Can it Recover From Here?

Virgin Galactic (SPCE) Stock: Can it Recover From Here?

1
Virgin Galactic’s stock price closed at $1.99 with a gain of 4.19% during the last intraday trading session.
2
Virgin Galactic confirmed October 5 as the launch date for its fourth paying space tourist flight, Galactic 04.
3
The year-to-date return of SPCE stock is -45.03%.
Virgin Galactic (SPCE) stock price has been in a strong downtrend since it faced rejection above $6 on 21 June 2023. The company is successfully getting its galactic flight off the ground. The amount spent on the same is skyrocketing in the process which has led to a strong downfall in the stock price. 
In mid-August, the stock price shattered the key support level of $3 and witnessed a heavy downfall. After the meltdown, SPCE stock price formed support at $2.50 which collapsed on 6 September, 2023. 

Source: SPCE Stock Price By TradingView.
Currently, SPCE stock price has formed support at $1.90 as the previous candle closed bullish with a spike of 4.19%. If bul

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