Moderna Inc. (NASDAQ:MRNA) shares gapped higher Monday morning, but have since fallen after the company announced preliminary booster data.
The company's authorized booster (50 microgram dose of mRNA-1273) increases omicron neutralizing antibody levels approximately 37-fold. The stock looks to be bouncing off a support level and heading on its way toward resistance.
Moderna is down 2.7% to $286.89 at the time of publication.
See Also: Moderna's Authorized COVID-19 Booster Increases Omicron Neutralizing Antibody Levels 37-Fold
Moderna Daily Chart Analysis
- The stock saw a couple of bounces off support and has been pushing back higher in what traders call an ascending triangle pattern.
- The stock trades below the 50-day moving average (green), but above the 200-day moving average (blue). This indicates the stock is likely in a consolidation period, and the 50-day moving average may act as resistance while the 200-day moving average may hold as support.
- The Relative Strength Index (RSI) has been forming higher lows for the past couple of weeks and now sits at 51. This shows that the stock is now seeing more buying pressure than it is selling pressure.
What’s Next For Moderna?
Moderna's stock saw another bounce and the RSI is above the middle line. This shows bullish strength as the buying pressure is increasing. Higher lows and holding above the higher low trendline are another bullish indication.
Bullish traders want to see the stock continue to hold above the higher low trendline and go on to break above resistance in time. Bearish traders hope the stock falls back down below the higher low trendline to show a new bearish trend may be starting.
