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Moderna Stock Moves After Q1 Print: Technical Levels For The COVID-19 Vaccine Play

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Moderna Stock Moves After Q1 Print: Technical Levels For The COVID-19 Vaccine Play

Moderna Inc. (NASDAQ: MRNA) shares gapped down Thursday and have since gained back some ground.

Moderna reported first-quarter earnings Thursday of $2.84 per share, beating the estimate of $2.39. Moderna's quarterly sales were $1.9 billion, missing the Street estimate of $2.04 billion.

The company also announced a new supply agreement with Switzerland for 7 million doses of vaccine.

Moderna shares were trading down 2.63% at $158.56 at last check. mrnadaily5-6-21.png

Moderna Daily Chart Analysis

Moderna looks to be trading in what technical traders call an ascending triangle pattern.

The stock fell to the 50-day moving average (green) Thursday morning and is looking to hold the level as support.

The stock is trading above the 200-day moving average (blue), and both of these moving averages may hold as support in the future.

Key Moderna Levels To Watch

The stock looks to be trading in an ascending triangle pattern and could see a break in the pattern in a few weeks.

The $190 level has previously held as resistance for the stock and may hold again in the future.

The stock has been uptrending the past few months by forming higher lows on the chart. This trendline may hold as an area of support.

What’s Next For Moderna? 

Bullish technical traders would like to see the stock break above the $190 level and consolidate. After consolidation above resistance, bulls could see the stock make its next leg up.

Bearish technical traders would like to see the stock fail to hold the higher low support. Below this support, the stock may see a strong downward push. 

Moderna is a top five holding in the following ETFs: ETFMG Treatments Testing and Advancements ETF (NYSE: GERM), Vaneck Vectors Trust Biotech ETF (NYSE: BBH) and iShares Trust Nasdaq Biotechnology ETF (NYSE: IBB)

 

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