Vaxart Stock Trades Higher On Increased Volume: A Technical Analysis

Vaxart Inc. VXRT shares gained 2.69% Tuesday on increased volume, closing the session at $7.06. 

The stock was trending on StockTwits, and there was no company evident news to explain the volume increase.

Vaxart Short-Term Chart Analysis: The 5-minute chart above shows the stock building higher lows up to a previous resistance level of $7 before breaking out of the level and peaking near $7.70. Now, the $7 level may hold as a potential support and $7.70 may be a potential resistance.

Other indicators to watch on the short-term chart are the volume weighted average price (pink) and the 200-day moving average (blue).

The stock is trading above the moving average, giving it a short-term bullish sentiment. This area may act as a potential support area. The price is trading below the volume weighted average price and the indicator is potentially acting as a short-term resistance.

Vaxart Daily Chart Analysis: The daily chart above shows the price is building higher lows into a past resistance level of $8.

Technical traders would claim the pattern forming is an ascending triangle. Beyond this resistance, the chart shows the next level to be around $10; the chart is showing this as a potential ascending triangle in the longer term.

Bulls would like to see the price keep forming higher lows. If the price is able to stay above the 200-day moving average as well, this would be even more ideal for bulls. Eventually bulls would like to see resistance levels break with consolidation before a further move up.

Bears would like to see the higher lows stop forming before the price potentially makes a downward push.