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Vaxart Bounces At Support And Is Heading Back Up

April 27, 2021 1:50 pm
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Vaxart Bounces At Support And Is Heading Back Up

Vaxart Inc. (NASDAQ:VXRT) shares are trading sharply higher Tuesday after the stock was trending on StockTwits.

On Monday, the company announced it will host a key opinion leader webinar on the importance of T-Cell responses for COVID-19 vaccines on Monday, May 3, 2021.

Vaxart was up 47% at $8.93 at time of publication.

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Vaxart Daily Chart Analysis

  • Vaxart is trading in a channel and nearing a point of potential resistance. A break above with consolidation may push the stock higher.
  • The stock is crossed above both the 50-day moving average (green) as well as the 200-day moving average (blue) Tuesday. This indicates the sentiment of the stock is most likely turning bullish.
  • The moving averages are areas on the chart that may hold a support level unless the price makes a strong move downwards through them.

See also: Best Penny Stocks Under $1

Key Levels To Watch

  • The stock has been trading sideways in a channel the past couple of months and is now nearing a resistance level.
  • The stock has previously shown resistance near the $8.50 level as this is a place the stock has struggled to get above.
  • The $4.50 level is an area on the chart where the stock has been able to stay above. The stock being able to hold support at this level in the past hints that it could hold here again in the future.

What’s Next?

Bullish technical traders would like to see the stock build higher lows and see a break over the $8.50 resistance level. Some consolidation above this area and the stock may be able to see a push higher in the future.

Bearish technical traders would like to see the stock be unable to cross above the resistance line. A bearish trader would also like to see the stock fail to hold the $4.50 level as support. A cross back below this area with some consolidation could let the stock see a steep dropoff.

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