TradingKey - Recently, SpaceX (SPCX) stock price entered a short-term high-level consolidation phase after breaking above $150. However, as the stock price confirmed a breakout above $150 this Wednesday, further upside potential has been unlocked, with the price expected to test the resistance level at $172.

SPCX daily stock price chart, Source: TradingView

From the daily chart of SPCX stock price, since rebounding from around $135 on August 24, overall lows have continuously moved higher. However, the price has faced resistance near $155 for three consecutive trading days recently, indicating strong selling pressure at this level. Nevertheless, recent candlestick highs and lows are gradually moving upward, showing that the short-term trend for the stock remains bullish.

In terms of technical indicators, the Relative Strength Index (RSI) is above 50, in a moderately strong neutral-to-bullish zone, indicating that market momentum favors the bulls; the MACD continues to maintain a buy signal; short-term moving averages remain aligned in a bullish arrangement, suggesting the possibility of further short-term gains.

On the upside, the primary resistance level to watch is $155. If it breaks above this level, it will open up upside room toward $172.

On the downside, the primary support level to watch is $140-$138. If the stock price falls below $138, it may test the support level at $130. If this level fails to hold, the stock may enter a deeper correction phase, potentially falling toward $115.

Find out more