Astra Space Stock Falls On Short Report: A Technical Analysis

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Astra Space Inc. ASTR shares were trading lower Wednesday after Kerrisdale issued a short report on the stock.

Astra Space was down 13.9% at $6.64 ahead of the close Wednesday.

Astra Space Daily Chart Analysis

  • Shares fell below the key $8 level and fell below what traders call a sideways channel. Now both the $8 and $12 levels may hold as resistance in the future.
  • The stock trades below both the 50-day moving average (green) and the 200-day moving average (blue). This indicates the sentiment is bearish, and each of these moving averages may hold as an area of resistance in the future.
  • The Relative Strength Index (RSI) has been falling the past few months and now sits at 26. This is well into the oversold range and is showing that the stock is seeing many more sellers than it is buyers.

What’s Next For Astra Space?

The stock fell below the level where it has held as support in the past before, around $8. Now that the price has fallen below this level it may begin to start holding as a place of resistance.

Bulls would like to see the stock begin to recover and start to push higher again, crossing above the $8 level. Bears are in control and would like to see the stock continue to fall.

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