From a technical point of view, a dynamic price rally, as last seen with BioNTech shares, also needs a break at some point. We recently warned against the profitability of the $ 105 biotech share, which was not far away at the time, at the time. Ultimately, it came how it had to come: On Wednesday BioNTech’s share price hit the top again and bounced down from here.
The fact that the Mainz-based company also wants to bring new shares from a capital increase at $ 93 onto the market put a strain on the share price in addition to the technical chart factors and was an important factor for yesterday’s massive consolidation. This dropped the BioNTech share on the NASDAQ yesterday to $ 87.00 and closed at $ 88.51. Today, stable prices for the biotech title are showing shortly before trading resumes.
In terms of charts, BioNTech’s share price meets the first stronger supports at this point. Various potential support brands are clustered in the zone between $ 87.58 and $ 84.89 / 85.00. At $ 82.21 / 83.33 and $ 79.38, other possible supports are not too far from this mark. It is possible that this cluster can give the title stability. Technically, the situation remains interesting for the biotech share.
Whether it is enough to return to upward mode remains to be seen after the rally of the past few days and weeks. Even a jump over $ 90/91 could provide a better starting point from a technical point of view, especially since the news situation about the Covid-19 vaccine under development by BioNTech and Pfizer is expected to remain positive.