Virgin Galactic Holdings Inc. (NYSE:SPCE) shares traded lower by more than 8% Monday ahead of its earnings following the closing bell Monday.

Virgin Galactic reported zero revenue in the first quarter along with a loss of 55 cents per share, down from a loss of $1.86 per share in last year’s first quarter.

Virgin Galactic's stock closed at $17.95 fell another 9% in after-hours trading.

See Also: Virgin Galactic Stock Loses Altitude After Q1 Earnings

Virgin Galactic Daily Chart Analysis

• Virgin Galactic shares look to be forming what technical traders may call a head and shoulders pattern.
• The stock is trading below both the 50-day moving average (green), and below the 200-day moving average (blue), indicating sentiment in the stock has been bearish.
• These moving averages may hold as resistance levels in the future.

Key Levels To Watch

What’s Next?

Bullish technical traders would like to see the stock find some support and start turning around. If the stock can find some support near $15, a trend change may happen when the stock begins to form higher lows.

Bearish technical traders would like to see the stock continue trading downwards. The head and shoulders pattern looks to have pushed the price down. If there is a break below the $15 support, the stock may see a further downwards push.

Related content: Benzinga's Full Earnings Calendar