SpaceX shares bounced 4.72% in premarket trading on Friday to $129.45, recovering part of Thursday’s 9.05% slump that left the stock at $123.62. The rebound followed a wider recovery in tech stocks after one of the sharpest Nasdaq selloffs in years. Trading volumes were light, however, raising doubts over whether the gains will last into the regular session. Trader Ali Martinez warned that SPCX broke below the middle of its parallel channel, which could open a further 12% drop to around $108, just above its all-time low of $104.83. He linked the weakness partly to the release of 2 billion shares in an October unlock.
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