Why Moderna Stock Needs To Hold This Support Level - Moderna (NASDAQ:MRNA)

Moderna Inc. (NASDAQ:MRNA) shares were trading higher Tuesday, possibly in anticipation of the company’s earnings report.

The company is scheduled to report its earnings Thursday before the market open.

Moderna shares gained 3.4% to close at $384.64 Tuesday.

Moderna Daily Chart Analysis

The stock has been steadily holding above the higher low trendline in what technical traders call an ascending triangle pattern.
The $460 price level is where the stock has found resistance in the past and may continue to in the future. The stock may continue to hold the higher low trendline as support.
The stock trades below the 50-day moving average (green), but above the 200-day moving average (blue), indicating the stock is likely in a period of consolidation.
The 50-day moving average may act as an area of resistance, while the 200-day moving average may hold as support.
The Relative Strength Index (RSI) has been creeping higher the last few weeks and now sits at 48 on the indicator. This shows that the stock has been seeing more buying pressure lately and it now almost equals selling pressure overall.

What’s Next For Moderna?

Bullish traders are looking to see the stock continue to hold above the higher low trendline and move up to the resistance line. Bulls are then looking to see the stock break above the resistance line and be able to consolidate above it.

Bearish traders are looking to see the stock fall below the higher low trendline and be unable to cross back above it. This could cause a change in trends and for the stock to see a strong bearish push in the future.

MRNAModerna Inc

$61.66-0.26%

Overview

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