Virgin Galactic stock fell 17% following failed spaceflight attempt

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Virgin Galactic (SPCE.US) stock fell 17% after the space tourism company announced its latest test flight held on Saturday did not reach space as planned. Shortly after the space plane was released from its carrier aircraft, named White Knight Two, the ignition sequence to light the space plane's motor did not complete. The pilots, mothership and spaceship all returned to earth safely. "Virgin Galactic is now conducting post flight analysis and can so far report that the onboard computer which monitors the propulsion system lost connection, triggering a fail-safe scenario that intentionally halted ignition of the rocket motor," the company said in a statement. It's unclear when Virgin Galactic's next test flight will take place.

Virgin Galactic (SPCE.US) stock launched today's session with a massive bearish price gap. However buyers managed to halt declines at $26.36 level and are currently trying to break above the 50 SMA (green line). If they succeed an upward impulse towards $29.75 could be launched. Source: xStation5

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