After the BioNTech share slid to $ 63.32 on Friday, the technical situation of the biotech share looks increasingly problematic. A new low has been reached in the downward movement that started at an all-time high of $ 105 on July 22nd. The previous mark of 64.08 dollars was also slightly undercut on the basis of the closing price: BioNTech shares ended the trading week at 64.00 dollars on the NASDAQ, a daily minus of 2.42 percent. However, there was no dramatic news about the volatile share of the Mainz company. And in terms of chart technology, all is by no means lost for the biotech share, especially since investors are likely to continue to speculate on good news in connection with the COVID-19 vaccine project from BioNTech and Pfizer.
With the BioNTech share, important technical support remains in view. Below $ 64.08 / 64.45, the zone extends above $ 63.32 / 63.51 to up to $ 62.00 / 62.30. In addition, there is a technical chart support area for BioNTech’s share price below 60.43 dollars. Despite the further decline in the price, our last technical summary on the BioNTech share remains: “After the slide from the double top at 105 dollars to the current price level, this is a thick board that the bears would have to pierce for prices to continue falling.” However, that doesn’t mean there aren’t any risks of new sell signals and testing lower support levels like $ 57.94 / $ 58.90 or $ 55.60 / 56.00.
So far, there can be no talk of a safe upward turn, not even after Friday’s closing price, which is noticeably above the new movement low. A jump over the zone between $ 65.50, Friday’s high for the day, and $ 66.12 / $ 66.51 could breathe life back into the bull and BioNTech stock. If such a development succeeds, a countermovement to the latest price losses would be possible. Stronger resistance zones for the share price of the Mainz biotech company can be found quite quickly between 69.39 dollars and 71.53 dollars.