TradingKey - As of the US market close on August 20 Eastern Time, SpaceX (SPCX) shares weakened again, falling 4.05% on the day to $134, touching an intraday low of $130.39 and falling back below its $135 IPO price. Over the past three weeks, SPCX shares rebounded from around $105 to $150, but came under pressure and pulled back below $150 this week, showing that the rally from the late-July low has encountered pressure once again.

SPCX daily stock chart, Source: TradingView

Looking at the daily chart of SPCX stock, the share price has recently tested the key resistance level of $150 twice in succession, both failing to achieve an effective breakout. This indicates strong resistance and severe market selling pressure at this level, which in turn weighed on the stock price this week.

Currently, the stock price has fallen to above the $130 support level. If it stabilizes at this level, the stock price may continue to test the $150 resistance level on the upside. If it can break through and hold firmly above $150, upside potential toward $172 will open up, with the possibility of even testing the $200 mark.

Conversely, if the stock price breaks below the $130 support level, short-term bearish momentum will build significantly, and the stock price may pull back toward the $120-$125 range. If it breaks further below $120, the stock price may drop toward the $105 support level, or even further toward the $100 mark.

Find out more