Looks like a head and shoulders top and the neckline was broken a while back. Bad news about the vaccine caused a gap down. Appears NVAX has hit the 100% down target for the ugly top, but does not always mean it is over as it can be an extension as well.
Sometimes looking at a candle that forms on the day of the gap down can help. This one made large gains at this moment from the low of the day and has broken through the resistance from a prior gap down. Right now (this can change by close) there is a bullish green candle which is a healthy candle to gap down on. A Doji (indecision) can be a good one as well as folks are not sure about price being so low after a gap down. A red candle with a long top wick would be perhaps the most bearish scenario for a gap down candle. But when price makes dramatic drops, there can be further declines on another day especially if there is anymore bad news or any more delays on vaccine.
A close above the resistance/orange line/would turn this line green and become support. Daily low or initial gap down took price to 115 at market open.
Some may guesstimate where a head and shoulders top may go by drawing a line from the head to the neckline, then projecting this line down from the neckline.
Weekly candle is indeterminate right now and is a spinning top at this moment. Bad wick on yesterday's red candle. Long top wick with no bottom shadow/tail. You can bet a candle will eventually form a tail ( and you will win (o: if there is not one so you can easily guess price is going down.
No recommendation but I plan to keep an eye on it (o:
Sometimes looking at a candle that forms on the day of the gap down can help. This one made large gains at this moment from the low of the day and has broken through the resistance from a prior gap down. Right now (this can change by close) there is a bullish green candle which is a healthy candle to gap down on. A Doji (indecision) can be a good one as well as folks are not sure about price being so low after a gap down. A red candle with a long top wick would be perhaps the most bearish scenario for a gap down candle. But when price makes dramatic drops, there can be further declines on another day especially if there is anymore bad news or any more delays on vaccine.
A close above the resistance/orange line/would turn this line green and become support. Daily low or initial gap down took price to 115 at market open.
Some may guesstimate where a head and shoulders top may go by drawing a line from the head to the neckline, then projecting this line down from the neckline.
Weekly candle is indeterminate right now and is a spinning top at this moment. Bad wick on yesterday's red candle. Long top wick with no bottom shadow/tail. You can bet a candle will eventually form a tail ( and you will win (o: if there is not one so you can easily guess price is going down.
No recommendation but I plan to keep an eye on it (o: