Rocket Lab Corp (NASDAQ:RKLB) shares are trading lower Monday. The stock appears to be pulling back after a strong move last week that came alongside a new multi-launch contract.

Rocket Lab’s Synspective Contract Drove Last Week’s Momentum

Last Thursday, Rocket Lab stock jumped more than 5% before the opening bell. The jump followed news of a 20-launch deal to fly Electron for Japan’s Synspective. The contract, representing the largest-ever Electron commercial deal, drove much of last week’s momentum.

With the new order, Synspective has booked 47 Electron missions, more than any other Rocket Lab customer. Rocket Lab’s backlog now tops 100 launches, helped by several multi-launch contracts it announced this year. Financial terms of the deal were not disclosed.

The order arrived during a busy stretch for Rocket Lab. Iridium shareholders approved Rocket Lab’s proposed $8 billion acquisition on Sept. 24. Electron also flew four missions in September, including the company’s 97th Electron mission on Sept. 25.

Rocket Lab Bounces Off its 50-Day Moving Average

Rocket Lab’s chart adds context to the pullback. Last week, the stock found support at its 50-day moving average and bounced. At current levels, shares sit 6.2% above their 20-day average of $68.21 and 3.6% above their 50-day average of $69.93. Both readings suggest the bounce remains intact.

The longer-term trend remains a headwind. Shares trade 16.3% beneath the 100-day average of $86.55 and 11.1% beneath the 200-day average of $81.50. A death cross, when the 50-day average falls below the 200-day, has also stayed in place since August.

On the upside, $75.50 is the nearby ceiling where rebounds can stall. On the downside, $61 is the next level to watch if the pullback deepens as buyers have stepped in there before.

RKLB Shares Are Dropping

RKLB Price Action: Rocket Lab shares were down 1.65% at $72.70 at the time of publication on Monday, according to Benzinga Pro.

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