Inovio Pharmaceuticals Sees A Bounce Off Support After COVID-19 Vaccine News

Inovio Pharmaceuticals Inc. INO shares are trading higher Tuesday after the FDA removed a hold on the company’s late-stage COVID-19 vaccine trial in the U.S.

Inovio Pharmaceuticals is trading up 4.60% at $7.05 at market close Tuesday.

Inovio Pharmaceuticals Daily Chart Analysis

• The stock looks to have recently bounced off support in what technical traders call an ascending triangle pattern.
• The $10 price level is an area the stock had trouble getting over in the past and may continue to hold as an area of resistance in the future. The stock has been able to find support near the higher low trendline. These areas may continue to hold in the future until one is broken.
• The stock is trading below both the 50-day moving average (green) and the 200-day moving average (blue), indicating the sentiment in the stock has been bearish.
• Each of these moving averages may hold as a possible area of resistance in the future.
• The Relative Strength Index (RSI) has been creeping higher the past few weeks and now sits at 49 on the indicator. This shows the stock is seeing slightly more selling pressure than it is buying pressure although it is almost equivalent.

See Also: FDA Lifts Clinical Hold On Inovio's COVID-19 Vaccine Trial

What’s Next For Inovio Pharmaceuticals?

Bullish traders are looking to see the stock continue to push higher and hold above the higher low trendline. This shows the stock is still in an uptrend. Eventually, bulls would like to see the stock go on to break above the $10 resistance and be able to consolidate above it.

Bearish traders are looking to see the stock crack below the higher low trendline and be unable to cross back above it. This could hint the stock is ready to see a further push down at some point in the future.

Photo: Trust "Tru" Katsande via Unsplash