Here's Why Moderna May Be Ready To Head Higher Again

Moderna Inc MRNA shares are trading lower Friday after the company announced interim Phase 1 data for its mRNA flu vaccine.

Moderna said mRNA-1010 successfully boosted hemagglutination inhibition (HAI) assay geometric mean titers against all strains 29 days after vaccination for all doses tested in younger and older adults in the study.

Moderna was down 6.32% at $255.01 Friday afternoon at publication.

See Also: What's Going On With Moderna Shares Today?

Moderna Daily Chart Analysis

• Shares dipped and look to have recovered some ground back in what traders call an ascending triangle pattern. Shares possibly saw a bounce off of the support level Friday.
• The stock trades below both the 50-day moving average (green) and the 200-day moving average (blue). This indicates bearish sentiment and each of these moving averages may hold as an area of resistance in the future.
• The Relative Strength Index (RSI) has been falling for the past few days and now sits at 42 on the indicator. This shows that sellers have overtaken the stock and it is seeing more selling pressure than buying pressure.

What’s Next For Moderna?

Moderna saw a dip lower but the green candle shows that it has recovered some ground. Bulls want to see the next few days trade upward to show this may be a signal the stock is bouncing and ready to see an upward move in the future. Bears are looking to see the stock continue to drop and fall below the higher low trendline. This could show that the uptrend is over and the stock may see a period of downward movement.

Photo: National Cancer Institute via Unsplash