Is Moderna Squeezing Toward a Breakout?
Vaccine developer Moderna had a dramatic rally in 2021, at one point more than quadrupling from its low to high. Now, after an equally dramatic pullback, it may be flashing some interesting signs to the bulls.
The first pattern on today’s chart is the $117.34 level. MRNA held that price in late March 2021 and again this month. That may suggest old support remains in effect.
Second is the series of lower highs since late March 2022 as prices held those lows. The result is a descending triangle with breakout potential.
Third, the falling trendline closely matches the 50-day simple moving average (SMA). MRNA closed above that line yesterday – another potential sign its direction is changing.
Finally you have the recent strength in biotechnology stocks. The industry has gained about 9 percent in the last month compared with the S&P 500’s 5 percent drop.
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The first pattern on today’s chart is the $117.34 level. MRNA held that price in late March 2021 and again this month. That may suggest old support remains in effect.
Second is the series of lower highs since late March 2022 as prices held those lows. The result is a descending triangle with breakout potential.
Third, the falling trendline closely matches the 50-day simple moving average (SMA). MRNA closed above that line yesterday – another potential sign its direction is changing.
Finally you have the recent strength in biotechnology stocks. The industry has gained about 9 percent in the last month compared with the S&P 500’s 5 percent drop.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. You Can Trade, Inc. is also a wholly owned subsidiary of TradeStation Group, Inc., operating under its own brand and trademarks. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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