Stock of the day: Moderna

By Tomasz Wisniewski|

Published: June 27 2024, 07:36 GMT+0

Stock of the day: Moderna

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Interesting developments are currently unfolding with Moderna (MRNA). The stock experienced a stellar performance in May, driven by an inverse head and shoulders pattern, marked in yellow, and a breakout of the neckline, marked in orange. This breakout at the beginning of May led to a significant surge in price, providing substantial gains for buyers. However, since May 24th, Moderna has entered a corrective phase, which intensified yesterday with a significant bearish candle.

Now, the price is approaching two critical support levels: the horizontal orange support (the previous neckline) and the mid-term trend line marked in black, which connects the bottom of the head and the bottom of the right shoulder of the inverse head and shoulders pattern. This convergence of support levels presents a potential area for a bullish reversal. A bounce from these supports could reignite the bullish sentiment. However, if the price breaks below these supports and closes the day beneath them, it would signal a strong sell indication.

Traders should closely monitor how Moderna behaves at these support levels. The direction chosen here will likely dictate the next significant move for the stock. A successful defense of these supports could lead to another upward leg, while a breakdown would confirm the bearish trend.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-moderna-2

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