Novavax break below of 175-225 range to retest demand at 130

Novavax has tested its multi-decade supply area of 240-260 with no monthly closes above 260 since 2001.

Last week we tried to break out above the weekly range between 173 and 225 but failed.

Many bulls are now trapped in poor positions from 240.

My expectation is if we break below the gap down on the daily(186) and test last weeks low (177)and close near or below it, we will break below 175 for a test of 130.