SpaceX Stock Crosses Key Level Amid Launch Milestones as Lockup Expirations Near

SpaceX (NASDAQ:SPCX) jumped above a key resistance level after the company made some major launch milestones. It ended the week at $158.96, its highest level since July, and about 51.6% from its lowest level this year. Focus now shifts to the upcoming lock-up expirations and its second earnings as a publicly traded company. SpaceX Stock Cleared a Crucial Resistance Level SPCX stock remained in a consolidation phase between the support and resistance levels of $142.38 and $158 in September this year. There are now signs that the stock is making a breakout, helped by some major milestones. Earlier this week, Google (NASDAQ:GOOG) and Planet Labs (NYSE:PL) launched a prototype AI satellite aboard a SpaceX rocket. The company also sent four astronauts to the International Space Station on the Crew-13 mission. Additionally, the company’s Starship made its orbital debut for the first time on Monday and deployed new Starlink satellites. It achieved a major milestone in its 14th test flight despite an engine failure. This is a big milestone for the company as it seeks to deploy more powerful satellites in space. Read Also: Weak Jobs Report Lifts Nvidia, Nasdaq 100 to Record Highs: Stock Market Today The next important event that may affect SpaceX shares is the upcoming stock unlocks. It will unlock another tranche of shares on October 7, followed by October 26. After that, there will be another one that will happen after its third-quarter earnings. On December 8, another lockup expiry will be executed since it will be six months after the IPO. Historically, these expiries have a negative impact on companies. SpaceX is expected to publish its earnings report in early November. Benzinga data shows that the average estimate is that its revenue soared to over $12 billion in the third quarter, driven by its AI business. SPCX Stock Technical Analysis SpaceX shares chart | Source: TradingView The four-hour chart shows that the SPCX stock remained in a narrow range between $142 and $158 in September. This consolidation occurred after it made a strong comeback from its all-time low in August. Now, the stock has jumped above the upper side of the channel and moved slightly above the 50-period and 100-period Exponential Moving Averages (EMA). The Relative Strength Index (RSI) has continued rising. Read Also: IRS Chief Frank Bisignano Says Trump Accounts Could Reach 70 Million Auto-Enrolled Children by October: Here’s How the Program Is Growing Image: Shutterstock