TradingKey – As of the US market close on August 20 Eastern Time, SpaceX (SPCX) shares weakened again, falling 4.05% on the day to $134, touching an intraday low of $130.39 and falling back below its $135 IPO price. Over the past three weeks, SPCX shares rebounded from around $105 to $150, but came under pressure and pulled back below $150 this week, showing that the rally from the late-July low has encountered pressure once again.

SPCX daily stock chart, Source: TradingView

Looking at the daily chart of SPCX stock, the share price has recently tested the key resistance level of $150 twice in succession, both failing to achieve an effective breakout. This indicates strong resistance and severe market selling pressure at this level, which…