Interest in the Virgin Galactic stock price surged again after the company is back on Reddit most popular stocks. The price action confirms the renewed interest, as the price bounced from its recent lows, more than tripling in value in the course of one month.
Moreover, the price action remains bid due to a possible pennant formation. The measured move points to even more upside and threatens with a new higher high above $60.
Virgin Galactic share price strong momentum continues. Its three-month price performance of 31.98% is more than 5.06% the median performance of the sector.
From a technical analysis perspective, Virgin Galactic looks bullish on many accounts. First, the price action bounced after a massive falling wedge pattern acted as a reversal signal.
Second, on its way to the upside, the market did not make any significant pullback until the recent consolidation. Third, the consolidation did not take long and it has a triangular formation. Hence, we have all the indications that the market has formed a pennant as a continuation pattern that just broke higher.
Bulls may want to stay on the long side targeting $57 with a stop at $31.
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