Novavax Shares Jump After UK Vaccine Trial: Technical Levels To Watch

Novavax Inc. NVAX shares were rallying Friday following the announcement of data from the company's U.K. coronavirus vaccine trial.

Here's a technical outlook on the Novavax stock charts to help traders evaluate whether now is the time to buy or time to sell the stock.

Novavax Technical Levels To Watch: The 5-minute Novavax stock chart above shows the stock ran up sharply during extended hours and is now seeing a correction to the downside.

A potential support for the stock exists near the the psychological level of $200. The stock peaked during extended hours near $235. This area held as a resistance previously and could hold as a resistance level in the future.

Short-term bulls would like to see the stock break out over resistance with a period of consolidation before the price might make its next higher move.

Short-term bears would like to see the price fall through the support level and consolidate below before a further downward move may be possible.

The daily chart above shows Friday’s gap up may have pushed the price above a previous resistance level near $200. Now the chart looks to be trading in a channel between $200 and $330.

Bulls would like to see the stock stay in the channel and slowly rise throughout the channel before the price may eventually break above resistance.

A break above resistance with some consolidation can help the price see new levels. Bears would like to see the price fall back below the potential support with consolidation before the price moves lower.

Novavax is trading with a market cap of $15.4 billion.