Moderna Technical Perspective
From a technical perspective, according to Moderna's weekly chart, sentiment is clearly to the downside in the long term. Following a test of support-turned-resistance at US$87.35, follow-through selling has emerged over the past few weeks. This has led price action within a stone’s throw of support consisting of US$74.46 and a trendline resistance-turned-support line, extended from the high of US$497.49. Should price dip through this area, this could lay the groundwork for a test of the October 2023 lows at US$62.55.
From the H4 timeframe, price dipped through support at US$77.41 and has retested the underside of the level heading into the close of trading last week. Assuming this base holds ground, a test of the horizontal weekly support level at US$74.46 is likely, with follow-through selling towards support on the H4 timeframe at US$71.72 also a possibility. Consequently, this could open short-term selling opportunities for traders in the short term. Further selling is possible if the unit clears bids around the weekly/H4 support combination between US$71.72 and US$74.46.
From the H4 timeframe, price dipped through support at US$77.41 and has retested the underside of the level heading into the close of trading last week. Assuming this base holds ground, a test of the horizontal weekly support level at US$74.46 is likely, with follow-through selling towards support on the H4 timeframe at US$71.72 also a possibility. Consequently, this could open short-term selling opportunities for traders in the short term. Further selling is possible if the unit clears bids around the weekly/H4 support combination between US$71.72 and US$74.46.
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