NVAX stock price slipped from the long term consolidation phase and is struggling to get back inside the range to reach the $7.00 mark. However, NVAX shares need to break out of the lower trendline of the horizontal range-bound area over the daily time frame chart. Novavax stock price must accumulate buyers during Monday’s trading session to surge back inside the horizontal range.
Novavax stock price has been consolidating inside the long term consolidation phase since April 2023. Buyers tried to push NVAX out of the consolidation phase but failed to sustain at the upper threshold of the consolidation phase. Meanwhile, volume change was below average which needs to exceed during Monday’s trading session.
NVAX stock price was $6.43 and gained around 5.24% of its market capitalization during Friday’s trading session. Trading volume was below average which highlights low buying volume intraday.
Will NVAX Stock Price be Back Inside the Range?
NVAX shares have been moving sideways inside a horizontal range-bound area over the daily time frame chart. Buyers need to accumulate at a higher rate in order to push Novavax stock back in the consolidation phase. Meanwhile, Novavax stock slipped below 20, 50, 100 and 200-days daily moving averages. NVAX consolidated inside the horizontal price range of $6.62 and $10.32.
NVAX shares need to break out of the primary resistance level that is the lower price range of the consolidation phase to get back inside the horizontal range.
Novavax stock price has been struggling from the start of 2023. NVAX share price slipped by 13.11% in a week and 16.82% in a month. Moreover, Novavax shares dropped around 21.59% in the last three months and by 22.34% in the last six months. In addition, Novavax stock price slumped around 39.28% year to date.
Technical indicators suggest that NVAX shares are on an uptrend. Relative strength index (RSI) shows the upward momentum of Novavax. RSI was at 40 and is moving towards neutrality. Investors in Novavax Inc. (NASDAQ: NVAX) needs to wait until NVAX sustains at the primary resistance level.
Summary
NVAX stock price slipped from the long term consolidation phase and is struggling to get back inside the range to reach the $7.00 mark. Novavax stock price has been consolidating inside the long term consolidation phase since April 2023. Meanwhile, Novavax stock slipped below 20, 50, 100 and 200-days daily moving averages. In addition, Novavax stock price slumped around 39.28% year to date. Technical indicators highlight the upside trend of NVAX shares.
Technical Levels
Support Levels: $6.05 and $5.73
Resistance Levels: $6.62 and $7.68
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/10/22/novavax-inc-nvax-stock-price-struggles-to-sustain-at-7-00/