Moderna Inc. has been one of the drug companies which has been developing a vaccine to combat the COVID-19 Virus. Late in November the company issued some positive news about the efficacy of their Phase 3 trials which the market reacted very positively towards.
In looking at the candlestick chart of Moderna Inc, we see the shares first entered the Favored Zone in mid September at approximately $70.00 per share. The shares traded sideways for approximately one and a half months but at the beginning of November, a new uptrend started to form, and the shares subsequently broke out to all-time highs in mid November at approximately $95.00 per share. Since then the shares have been very strong reacting to the positive Preliminary Phase 3 results and now have marched onto new all-time highs.
Moderna Inc. (MRNA) first entered the Favored Zone of the SIA Nasdaq 100 Index report on Sept. 18, 2020. At that time, the price of the shares was $69.87. Since then, the shares have remained very strong and the closing price is now $155.07 which is a 219% price appreciation since first entering the Favored Zone.
In looking at the 2% Scale on a Point and Figure chart, we see the shares have pulled back slightly near its 3-Box reversal at a price of $154.79 which is the first line of support. If the shares can not maintain its support level here, the next level of support is at $140.19. To the upside, resistance can be found at the recent high near $170.90 and, above that, $188.68 based on a measured move.
With an perfect 10 out of 10 SMAX score, MRNA is exhibiting near term strength against all the asset classes.
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