I believe this could be the end of the bullishness and it may do a correction.
Why do I believe this could happen?
- MRNA hit historic resistance of $170, after hitting that mark it began dropping. This resistance seems like it can hold.
- RSI is bounced off the 70 mark on the .
- RSI is overbought on the 4HR chart
- EMA's are beginning to cross over on the hour charts.
This could be a tiny correction and just bounce off $160 before continuing its path to $200 so I would keep a close eye on the stock.
What I am looking for right now is:
1st support - $160
2nd support - $139_$145
3rd support - $120
At this point MRNA going back down to $100 or even lower seems incredibly unlikely.
Moderna's arent too far away so that could act as a catalyzer that will continue the growth.
In short I believe that MRNA could have hit the resistance and it will either go down to the listed supports or if it stays in these levels then it will most likely stay like this till come which will tell what direction it is going to go from here.
Please comment down your ideas and thoughts on this, I would appreciate any criticism you may have on the charts and analysis, and looking forward to your comments!
I am not a financial advisor, these are my personal ideas an thoughts please do your own research before buying a stock.
TLDR: If it continues like this then bearishness will continue and it could reach 2nd or 3rd support. Just watch out for the $160 figure, if it stays at the then I don't believe the bearish trend will contiue.
Hope this helps!
If so, I've been watching MRNA since last time it was at $170 and I've taken note of where the prices seem to go horizontal for a while, where it struggles...etc.
If you look at each support and resistance I've given you can see that, at that price it's either topped out - done multiple tops or bottomed out - done multiple bottoms on that specific area.
Just gotta find at what level the price has an issue passing and what level the price cant go under, using historical data of course.
And the FIB retracement levels are great! I usually do check them just in case but when it comes to support levels that can hold more easily then I'd just look at the chart because it has historic data that can back it up.