Shares of
Virgin Galactic Holdings Inc (NYSE:SPCE) were trading up over 12% higher Thursday morning after the company announced it had rescheduled the test flight of its SpaceShipTwo for Saturday.
Virgin Galactic’s stock has been beaten down over 70% since its Feb. 4 all-time high of $62.80. The stock’s descent began on Feb. 16 after announcing the delay of the test flight planned for February.
The Virgin Galactic Chart: Virgin Galactic’s stock has been trading in a downtrend and making fairly consistent lower highs and lower lows on the daily chart. On May 11, the stock found a bottom near the $14.60 range and bounced. It traded sideways, in a channel between support at $14.67 and resistance at $17.33, before gapping up above it on Thursday.