Vaxart Inc. (NASDAQ:VXRT) shares were trading higher Friday after the company plans to test the cross-reactivity of its oral tablet COVID-19 vaccine candidate against the omicron SARS-CoV-2 variant in two studies expected to begin next month. The stock has climbed back above a key level that was holding as support for a time.
Vaxart was up 7.51% at $7.08 at time of publication.
See Also: Vaxart to Test Cross-Reactivity of its COVID-19 Oral Vaccine Against Omicron
Vaxart Daily Chart Analysis
- Shares have climbed back above support and also pushed past resistance in what traders call a pennant pattern. The stock is at the end of this pattern and looks like it is possibly breaking out.
- The stock crossed above the 50-day moving average (green) Friday, but trades below the 200-day moving average (blue). This shows the stock is trading in a period of consolidation. The 50-day moving average may hold as support, while the 200-day moving average may act as resistance.
- The Relative Strength Index (RSI) saw a large jump and now sits at 56 on the indicator. This shows that there is more buying pressure in the stock than there is selling pressure. If this indicator can stay above 50, it is a bullish sign for the stock.
What’s Next For Vaxart?
Vaxart was able to cross back above the pattern support as well as cross above pattern resistance, which shows the stock is changing trend and sentiment and becoming more bullish.
Bulls are looking to see the stock hold above the pattern support and continue to trade higher along this trendline. Bears are looking to see the stock fall back below the pattern support and the 50-day moving average for sentiment to turn back bearish.
