Is Rocket Lab stock going to the moon?
Shares in this Space firm have doubled in the past five months, but independent analyst Alistair Strang's charts suggest they could really take off in the right circumstances.
19th September 2024 07:20
by Alistair Strang from Trends and Targets
With Mr Musk’s SpaceX grabbing all the headlines, it’s easy to forget other companies exist in his playground, one in particular we suspect is worthy of a glance. New Zealander Peter Beck, subject of the highly recommended book “When the Heavens Went On Sale", and his company Rocket Lab USA Inc (NASDAQ:RKLB) specialise in sending small satellites into orbit, but were also contracted by NASA to send a payload to the Moon.
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SpaceX, specialising in doing big stuff, don’t regard them as competition, the company still shooting off payloads from New Zealand's South Island while being based, inevitably, in California, where components are built and shipped to the New Zealand launch site to be thrown upward.
When Rocket Lab was back at $4.5, we knocked together a series of calculations pointing at potential growth to $7.5 eventually.
The share price achieved this level in the last few days, even closing a session at $7.46, but given the intraday high, further hope may be possible. All the share needs do it trade above $7.54!
It’s now the case where above $7.54 should trigger continued price recovery to an initial $8.1 with our secondary, if bettered, at $9.6. This is liable to prove quite a big deal as closure above our secondary level ticks a major box for a longer-term journey to nearly $18.
Source: Trends and Targets. Past performance is not a guide to future performance.
Alistair Strang has led high-profile and "top secret" software projects since the late 1970s and won the original John Logie Baird Award for inventors and innovators. After the financial crash, he wanted to know "how it worked" with a view to mimicking existing trading formulas and predicting what was coming next. His results speak for themselves as he continually refines the methodology.
Alistair Strang is a freelance contributor and not a direct employee of Interactive Investor. All correspondence is with Alistair Strang, who for these purposes is deemed a third-party supplier. Buying, selling and investing in shares is not without risk. Market and company movement will affect your performance and you may get back less than you invest. Neither Alistair Strang or Interactive Investor will be responsible for any losses that may be incurred as a result of following a trading idea.Â
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