Stock of the day: Moderna

By Tomasz Wisniewski|

Published: May 27 2024, 08:04 GMT+0

Stock of the day: Moderna

On May 13th, I highlighted the situation with Moderna, noting the formation of an inverse head and shoulders pattern and the breakout of the neckline that signaled a buy opportunity. Since then, Moderna has experienced a significant upswing, with the price climbing higher almost every single day. This rally has been impressive and sustained, showcasing strong bullish momentum.

Looking ahead, the next target for this upswing appears to be around $215. This level is significant as it was the high from the end of 2022 and also acted as support in November 2021. This upper green area seems like a logical target for traders aiming to capitalize on this upward movement. It will be interesting to see if traders take profits before reaching this level or if the price continues to surge directly towards it.

As long as the price remains above the lower green line, the sentiment for Moderna remains positive. This support level is crucial for maintaining the current bullish outlook. Traders should monitor this level closely, as a drop below it could signal a shift in momentum. For now, the path to $215 looks promising, and Moderna continues to be an exciting stock to watch.



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