Moderna Inc. (NASDAQ:MRNA) shares are trading lower Monday.
A recent CDC study showed protection from COVID-19 booster doses can wane after four months. Moderna investors are also expressing concerns about recent stock sales from Moderna CEO Stéphane Bancel, as well as the deletion of his Twitter account.
Moderna was down 12.27% at $141.52 Monday afternoon.
See Related: Moderna CEO Sells Shares, Deletes Social Media: What You Need To Know
Moderna Daily Chart Analysis
- Over the past few weeks the stock has seen strong downward movement and has pushed support in what traders call an ascending triangle pattern. This is showing the stock may be subject to more bearish moves in the future, as volume is higher on days the stock is trading lower.
- The stock trades below both the 50-day moving average (green) and the 200-day moving average (blue). This indicates bearish sentiment, and each of these moving averages may hold as an area of resistance in the future.
- The Relative Strength Index (RSI) has been fading over the last couple of months and sits at 60 on the indicator. This shows the stock is on the border of the oversold region and is seeing many more sellers than it is buyers. If the RSI continues to fall, the stock will likely continue to see bearish movement.
What’s Next For Moderna?
Moderna is seeing a period of bearish movement. Breaking below the support trendline shows investors of the now-bearish trend are beginning to take place and may act as a guide.
Bullish traders are looking to see the stock recover the support line and begin to form higher lows in the pattern once again. Bearish traders are looking to see the stock hold below the support line and continue to trade lower. Bears also want to see the price hold below both of the moving averages for sentiment to stay bearish.
