SpaceX stock nears $107 support before earnings, unlock

SpaceX stock remained under pressure near a record low as traders prepared for the company’s first post-IPO earnings report and the release of 911.5 million insider shares. Summary SpaceX shares fell 3.41% to $108 on July 31, their lowest close since the June IPO. SPCX lost about 36% in July, extending its decline from the July 1 price of $171. About 911.5 million insider shares are expected to become eligible for sale on Aug. 6. The one-hour chart places immediate support at $107.10, with resistance near $121.09. SpaceX stock extends its post-IPO decline SpaceX stock closed July 31 at $108, down 3.41% during the session and about 36% from its July 1 price of $171. The decline left the shares at their lowest closing level since the company’s June 12 initial public offering. SPCX has now fallen by more than 50% from the record high of $225 reached on June 16. The sustained pullback has raised the prospect of a move below $100 as two major catalysts approach. SpaceX is scheduled to publish its first quarterly results as a public company on Aug. 4. Two days later, restrictions covering 911.5 million insider shares are expected to expire, allowing their holders to sell the stock. Those...