Moderna Attempts To Bounce Off Key Support Level: Technical Analysis

Moderna Inc. MRNA shares are trading higher Monday after the company said it expects FY21 product sales of approximately $17.5 billion. Throughout 2021 the company shipped approximately 807 million doses of the Moderna COVID-19 vaccine. About 25% of all doses went to low and middle income countries through direct sales by Moderna and donations from high income countries.

Moderna was up 8.25% at $231.53 at the time of publication.

Moderna Daily Chart Analysis

• The price looks to have climbed back higher and is sitting slightly above the higher low trendline again. If the higher low trendline ends up holding as an area of resistance, the stock could see another bearish push.
• If Moderna bulls gain momentum and the stock continues to climb, resistance is shown to be near the $460 level.
• 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) saw a slight move higher and sits at 41 on the indicator. This slight move higher shows that more buyers have entered the market, although sellers still are in control of the stock. If the RSI can keep rising, buyers may take control over the stock soon.

What’s Next For Moderna?

Moderna looks to possibly be bouncing off the higher low trendline and the next few days should confirm if the bounce happens or if the price will hold below support.

Bulls are looking for the price to bounce off the support level and be able to hold above the higher low trendline. Bulls are then eventually looking for a break above the $460 level.

Bears are looking for the price to fall back below the higher low trendline and start to hold the level as an area of resistance.

Related Link: Amazon, Moderna, Nike Stocks May Be Finding A Bottom Within This Key Pattern: How To Trade It