SpaceX (SPCX) stock swung to a new daily high an hour into its first day of trading on Friday.
After getting stopped out at $168.75 about 10 minutes into the start of trading just before noon, SPCX traded to a range low of $155.20 before embarking on a steady climb. At 12:48 PM EST, SPCX eclipsed its prior high of the session and raced up to a high of $171.00 soon after.
Shares of SpaceX are now trading north of a 26% gain on the day after its $135.00 IPO on Thursday.
The 1-minute chart above displays SPCX breaking slightly below its bottom trendline at about 12:35 PM EST before returning to the trend and rising to a new intraday high. The small pullback there found its footing at the 50-candle Exponential Moving Average (EMA), and that moving average is now swinging higher toward $166.00.
SPCX is likely to see further buying from on any pullbacks to that 50-candle EMA, although there is not much data yet to provide any realm of certainty.