Moderna Stock Looks To Have Broken Out: What Comes Next?

Moderna Inc. MRNA shares were trading higher Monday, likely after the company announced a supply agreement with Argentina for 20 million doses of its COVID-19 vaccine. The company said if authorized, it would begin delivery in the first quarter of 2022.

Moderna was up 2.8% at $239.34 at the close Monday. 

Moderna Daily Chart Analysis

• Shares look to have broken out of an ascending triangle pattern and were able to retest the resistance line as support.
• The stock is trading above both the 50-day moving average (green), and the 200-day moving average (blue), indicating the sentiment in the stock is bullish.
• Each of these moving averages may hold as an area of support in the future.

Key Moderna Levels To Watch

• The ascending triangle pattern looks to have broken out and retested resistance as support. The stock has been heading higher since.
• The $190 level was where the stock was showing resistance before it broke out. The stock came back to this level and found support at the same level and may again in the future.
• The higher low trendline may continue to hold as support if the stock never falls back to the $190 level.

What’s Next For Moderna?

Bullish traders would like to see the stock continue to trade above the higher low trendline. Bulls are in control of the stock and may stay in control as long as the stock is able to hold above the higher low trendline and the moving averages.

Bearish traders would like to see the stock fall below the higher low trendline. If the stock falls below the higher low trendline, it could signal a trend is changing. Sentiment in the stock may also change if the stock can fall below the moving averages.