Moderna broke trend to the downside, so long term view is more likely a short rather than long. As illustrated in the chart, I wouldn't short at current prices, but around the red level I have drawn. The trade is invalidated if it closes above the red zone with high volume. If it closes above it but on low volume, it could be a fake out with the following candles closing below it once again. The red zone at the very top is the next resistance zone if it does get through the first resistance zone.
Please disregard the overall timeframe estimate, it can take longer or shorter for this trade to play out, but the move is the general idea.
Please disregard the overall timeframe estimate, it can take longer or shorter for this trade to play out, but the move is the general idea.
Comment:
MRNA ended up moving further down from the initial idea and bounced from the buy zone almost perfectly. I will be taking partial profits at 280-290 range and let the rest ride to the red zone resistance, with a stop loss below 210.