SPCX / SpaceX: Downtrend Line Broken, But Confirmation Still PenSpace Exploration Technologies CorpBATS:SPCXAuthorsFlowSPCX / SpaceX Technical Analysis SPCX has pulled back sharply from its post-IPO high and is now trading near a key post-IPO support area. On the daily chart, price is showing a potential double bottom formation. This is not confirmed yet, but the structure is worth watching because price is trying to stabilise after a strong selloff. On the 1H chart, the major downtrend line has been broken, but price is still trading inside / around the consolidation zone. At the same time, the triangle compression structure has started to weaken after price broke below the triangle support. For me, this is not a clean bullish reversal yet. The key level I am watching is the previous resistance area around 160–162. If the US regular session opens and price can reclaim this zone, hold above it, and then retest previous resistance as support, that would give stronger breakout confirmation. In that case, I would consider scaling in instead of entering all at once. For example, I may use 50% of my planned budget for the first entry, then wait for a successful retest or a break above the next resistance before adding the second position. However, if price fails to reclaim the consolidation zone and stays below 154–155, I would treat this as a possible false breakout / no-trade setup. Market sentiment is currently mixed but weak in the short term. Bearish pressure is still present, with short interest increasing after the post-IPO selloff. However, the upcoming Russell 1000 inclusion could bring higher volume and institutional/passive fund demand, which may increase volatility around this area. My current plan: No chasing. Wait for confirmation. Scale in only if price reclaims and holds above the key zone. Not financial advice. Just my technical analysis and trading plan.