tech
This derivative stock play on SpaceX could be setting up for another breakout, charts show
EchoStar is seeing some head-turning price action, and a bullish chart pattern is emerging.
TL;DR
- EchoStar (SATS) operates Dish TV, Sling TV, and Boost Mobile and holds approximately $11 billion in SpaceX stock.
- The stock recently completed the right shoulder of a potential inverse head-and-shoulders pattern, indicating a possible bullish breakout.
- Past breakouts from similar patterns have resulted in significant upside, exceeding 70% in short periods.
- SATS has experienced three distinct historical trends: a long uptrend, a downtrend, and a recent renewed uptrend since late 2023.
- Despite rapid recent gains, historical trends suggest underlying support may remain intact.
- The stock is a potential leveraged play on a future SpaceX IPO.
- SATS was added to the S&P 500 in March.