$SPCX Breaking below the issue price is imminent—buy the dip or run for your life?

Brothers, SPCX’s intraday low touched 136.78, just one step away from the $135 IPO issue price. Musk’s net worth has fallen below $900 billion.

News:

SPCX has plunged more than 38% from its historical high of 225.64. The core negative catalyst: a wave of insider unlocks is on the way. Veteran investor George Noble warns that after the second-quarter earnings report, insiders’ holdings will be released in batches, and the tradable shares could surge by approximately 900%, directly stating that SPCX is only worth $30.

Technical analysis:

Right now, the market is less than $3 away from the $135 issue price

Overhead resistance: 140-142, with strong resistance at 145-146

Support below: 135; if it breaks, look at 130

Gongming’s view:

With unlock expectations + a valuation bubble + an enormous pile of profitable positions, under three layers of pressure, it’s hard to say the bottom will be in the short term. Falling below the issue price is only a matter of time.

Trading strategy:

Conservative: wait for a rebound to around 140-142 and then go short; aggressive: go short around the current price of 138.

The biggest IPO in history is turning into the biggest “liquidity exit trap.”
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