The Moderna share is slowly but surely working its way out of the significant downward trend of the past few weeks. The direction of movement that dominates the chart has not yet been overcome by the biotech share – one last step is still missing. After the recent decline in the share price of the company, which is developing a vaccine against the pathogen causing COVID-19, there are chances of a comprehensive upward turnaround – especially if the company can bring positive news about the vaccine candidate.
Last week we pointed out the comeback chances of the Moderna share. After the price slide from $ 95.21 to $ 54.21, the downward trend was halted with two daily lows at $ 54.21 / $ 54.51. There have already been the first mini buy signals, so the small gap at 58.60 / 59.01 dollars and the technical chart hurdles above 61.38 dollars have been overcome.
Yesterday, Moderna’s share price closed at $ 63.67, near the high of the recovery move that has been shaping the price for the past few days. With the price rise, the upper end of the downtrend channel of the past few weeks is slowly but surely being targeted. This is reinforced by the EMA 20 at $ 64.42 and the EMA 50 at $ 66.18. A jump over this zone would then be seen as a trend reversal for the Moderna share from a technical chart point of view.
If there are no buy signals, however, it could go back into the zone at 54.21 / 54.51 dollars or even lower at the EMA 200, currently trading at 50.34 dollars. However, the first support can already be found at the two above-mentioned chart-technical signal marks that have only just been overcome.