SpaceX (SPCX), Nasdaq 100 Inclusion is a Sell 'Trigger'...Will it Collapse Below the $140 Mark?

▲ SpaceX (SPCX), Stock Price Plunge/AI Generated Image

Despite the positive news of its inclusion in the Nasdaq 100, a wave of selling hit SpaceX (SPCX). As the stock price fell below $150, technical warnings emerged that it could drop further to $145 and even $140.

According to FXLeaders, an investment media outlet, on July 8 (local time), SpaceX faced strong selling pressure on its first day of Nasdaq 100 inclusion. A series of optimistic evaluations from Wall Street also failed to prevent the stock price decline.

Funds and ETFs tracking the Nasdaq 100 are required to include SPCX. However, SpaceX's circulating shares are limited, and its weight within the index was only about 1.34%. Considering the company's valuation of approximately $2 trillion, the buying pressure from index inclusion alone was insufficient to overcome the selling pressure.

Wall Street is focusing on long-term growth potential. Morgan Stanley, Goldman Sachs, and JPMorgan, among others, have issued optimistic investment opinions. Raymond James set a target price of $800. Starship, Starlink, and SpaceXAI were cited as key growth drivers.

Technical trends indicated weakness. On the 4-hour chart, SPCX fell below the 10-day exponential moving average of $157.62, the 20-day line of $162.9, and the 30-day line of $166.59. The MACD (Moving Average Convergence Divergence) showed a sell signal at -6.62, and Momentum recorded -14.41. The RSI (Relative Strength Index) was 41.79, and the ADX (Average Directional Index) was 8.44.

If it fails to recover $150, the next support levels are set at $145 and $140. A drop below $140 would bring it closer to its IPO price range. For a rebound, it first needs to reclaim $153.5-$157.5, followed by a break above $160-$163.

[Article Summary]

-SpaceX's stock price fell below $150 due to heavy selling on its first day of Nasdaq 100 inclusion.

-Its weight within the Nasdaq 100 was about 1.34%, and the buying pressure from index inclusion could not overcome the selling volume.

-If it fails to recover $150, the next support levels are set at $145 and $140.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*