MRNA has had a few wild weeks going up from $120 to $170.
I believe this could be the end of the bullishness and it may do a correction.
Why do I believe this could happen?
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 earnings 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 earnings 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.
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 daily chart.
- 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 earnings 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 earnings 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.
Comment:
As i mentioned in my analysis if MRNA start dropping, it could just go back up and stay around the $160 range. Looks like its doing that so far.
Comment:
The analysis went perfect. If it holds the support it will bounce up, if not then its got a long way down.