Virgin Galactic stock price has surged in after-hours trading after the Federal Aviation Administration (FAA) gave its approval for a full commercial launch license. The stock price did bounce strongly from the recent lows, and now threatens to make a new higher high on the back of the positive news.
In other words, the company is allowed now to fly customers into space. The Virgin Galactic stock price exploded higher, surging more than 40% on the news, for the simple reason that this is the first time ever that the FAA licensed a spaceline to fly customers.
Virgin Galactic shares are up over 135% year-to-date, over 266% in the last twelve months, and now threatens with a new all-time high on the back of the positive news.
What a rollercoaster 2021 has been for the company’s shareholders. The share price started the year close to $60, only to drop below $20 a few months into the trading year. However, it formed an inverse head and shoulders pattern and the price action in the second part of the pattern was extremely bullish.
Bulls may want to add on a daily close above the previous all-time high and set a stop at the $50. On the positive news, Virgin may target for the first time ever a move above the magical $100.
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