Hope in the BioNTech share: After the price plunge from 105 dollars on Friday reached 54.10 dollars, the biotech stock was able to end NASDAQ trading at 58.57 dollars on Friday. In the candlestick chart of the shares of the Mainz-based company, which has been making positive headlines for months with a COVID-19 vaccine project, a long candle fuse can be seen amid important chart-technical support brands. Together with a bearish false signal at the support area at 54.20 / 54.96 dollars, Friday trading could have initiated a trend reversal after the significant losses of the previous weeks.
The subjunctive is still right here. The reason: So far, there have been no procyclical buy signals that would consolidate a trend reversal in the chart. BioNTech’s share price has exceeded the previously undershot chart technical support level at 55.60 / 56.00 dollars again – which is a first positive sign. But that alone is not enough, as we already noted in the last 4investors chart check. “The BioNTech share must overcome the obstacle zone between 64.08 / 65.50 dollars and 66.12 / 66.51 dollars as soon as possible in order to break out of the downward trend. If the Mainz share price breaks out, the next technical chart resistance zones would still be reached quite quickly. The signal marks are between $ 69.39 and $ 71.53, ”it said and that continues to apply.
After the Sunday high at $ 63.67, the first chart technical resistance zone at $ 64.08 / $ 65.50 can be expanded a little. Early breaks above $ 59.96 / $ 60.34, where the daily high from Friday is among other things, would be further positive impulses that could encourage the trend reversal fantasy in the biotech share. For chart-technical “hard” trend reversal signals, the BioNTech share has to deliver a little more. Meanwhile, the support area at 54.10 / 54.96 dollars remains the first and possibly also decisive technical chart signal mark on the underside for the Mainz share certificate.