Week 35 of 52 | RKLB The Business Is Growing—The Stock Isn’tRocket Lab CorporationBATS:RKLBRobert_V12Back in Week 25, I asked a simple question about Rocket Lab: Space infrastructure or space hype? At the time,RKLB was still trading near $100 and I had the $95–100 area as an important support zone. That level didn’t hold. The stock kept selling off and is now trading in the mid-$60s, more than 50% below its May highs. Normally, after a move like that, you would expect the story behind the company to have gotten significantly worse. But that really hasn’t happened. Rocket Lab just reported another record quarter with $234M in revenue, up 62% year over year, while backlog increased to a record $2.36B, up 137% YoY. The company also said its launch backlog now includes more than 90 missions across Electron, HASTE and Neutron. And this is becoming less and less about Electron. Rocket Lab continues to expand into satellite manufacturing, defense, communications and larger launch capabilities through Neutron. The planned Iridium acquisition would push that strategy even further, giving Rocket Lab a path toward designing, building, launching and eventually operating much more of the infrastructure itself. So looking back at the question from Week 25, I think the answer is becoming clearer. There is a real business here. The hype was probably in the valuation. RKLB ran all the way to the $140–150 area, and at that point the market was pricing in a lot of future success. Now we're seeing that premium come out of the stock even while the company continues to grow. From here, the chart is pretty simple for me. The $58–62 area is the main support I’m watching. Buyers have shown up around this area before, and losing it would open the door to another leg lower. On the upside, $68–70 is the first level RKLB needs to reclaim. Above that, I would start watching the $80–85 area. A move back through there would be a much more meaningful sign that the current downtrend is starting to change. And then there’s our old $95–100 support, which would now likely become a major resistance area. For now, I’m not calling a bottom. The stock is still weak. But the difference between Week 25 and Week 35 is that today we have more evidence that Rocket Lab is actually building the business investors were hoping for. Now the question is whether the stock has finally fallen enough for the fundamentals to start mattering again. $58–62 support. $68–70 first reclaim. $80–85 would start changing the structure. Let’s see if buyers show up. Not financial advice. Always do your own research.