Watch Out: Inovio Pharmaceuticals Is Heating Up

Inovio Pharmaceuticals Inc. INO shares are trading higher Thursday alongside other vaccine maker stocks. Stocks have been trading higher recently as the COVIS-19 delta variant has been spreading throughout the U.S.

Inovio Pharmaceuticals was up 13.45% at $9.70 at last check Thursday.

Inovio Pharmaceuticals Daily Chart Analysis

• The stock looks to be nearing resistance in what technical traders call an ascending triangle pattern.
• The stock crossed above both the 50-day moving average (green) and the 200-day moving average (blue) Thursday, indicating sentiment in the stock is turning bullish.
• Each of these moving averages may hold as a potential area of support in the future.
• The $10 price level has held as resistance multiple times and the stock has been unable to cross above it. The stock is trading above the higher low trendline leading toward the resistance level.
• The Relative Strength Index (RSI) has been moving up the past couple of weeks and now sits at 62. This means there have been more buyers moving into the stock.

What’s Next For Inovio Pharmaceuticals?

Bullish traders are looking to see the stock break out of the triangle pattern and push higher. Eventually, bulls would like to see a period of sideways movement before the stock may push higher.

Bearish traders would like to see the stock break below the higher low trendline and start falling further. Bears would also like to see the stock fall below the moving averages for a possible change in sentiment.

See also: How to Buy INOVIO Pharmaceuticals Stock