Novavax Stock Price Prediction: Bears Might Pull NVAX Below Consolidation

Novavax stock price has been fluctuating below its 20-Days EMA over the daily trading chart.
Novavax stock price decreased 1.23% during Tuesday’s trading session with an opening price of $7.12 and a closing price of $7.27.
NVAX share price is trading below 20, 50, 100, and 200-Day EMA.

Novavax Inc (NASDAQ: NVAX) stock price was at $7.21 with a dip of 1.23% on Tuesday’s trading session. The trading volume remained above average in Tuesday’s trading session. The formation of the inverted hammer candlestick over the daily trading chart indicates the selling pressure in the market.

Novavax stock price has been declining since July 2022 which indicates that the sellers were dominating the market. This caused the stock’s steep decline till October 2022 as can be seen in the daily trading chart. After the stock reached its primary resistance of $13.01 the stock gathered the buyer’s support and tried to maintain the above ts primary resistance. But after the release of its last quarter earnings reports the stock again started declining over the daily chart. This indicates that the sellers became hyperactive after the release of earning report resulting in heavy selling pressure in the market.

Near the end of the year, the stock fell below its primary support because of the seller’s pressure in the market. After the start of 2023 the stock tried to move upward again with the buyer’s support but after touching its primary support of $12.86. The stock began consolidating between its primary and secondary support. This indicates that both buyers and sellers are in a stalemate and no one has the upper hand over the other in the market.

Novavax stock price can break out from the consolidation if the buyers provide the required thrust.

More About Novavax Inc (NASDAQ: NVAX):

Novavax, Inc. is a biotechnology company that aims to improve global health by developing and commercializing vaccines to protect against serious infectious diseases. Its vaccine platform uses a combination of nanoparticle technology, recombinant protein approach, and patented Matrix-M adjuvant to enhance the immune response. The company focuses on addressing urgent health challenges, with its current focus on evaluating vaccines for COVID-19, influenza, and a combination of both.

One of Novavax’s significant achievements is the commercialization of the COVID-19 vaccine, NVX-CoV2373, under the brand names of Nuvaxovid, Covovax, and Novavax COVID-19 Vaccine, Adjuvanted. This vaccine is designed for adult and adolescent populations as a primary series and for both homologous and heterologous booster indications. Novavax is also developing product candidates for respiratory syncytial virus and malaria. The company has been in operation since 1987, and its headquarters is located in Gaithersburg, Maryland.

Novavax Inc (NASDAQ: NVAX) Stock Price Technical Analysis:

According to technical indicators, Novavax stock prices may show a downward movement. RSI is decreasing in the oversold zone and is shown a negative crossover which indicates that the sellers are coming in the majority and pushing NVAX downwards.

This shows the strength of the current bearish trend. The current value of RSI is 30.91 which is below the average RSI value of 33.56. The MACD and the signal line are decreasing but not showing a definitive crossover over the daily chart which can support the RSI claims. Investors need to watch every move over the charts during the day’s trading session.

Summary

Novavax Inc (NASDAQ: NVAX) stock price was at $7.21 with a dip of 1.23% on Tuesday’s trading session. The trading volume remained above average in Tuesday’s trading session. Novavax may follow Monday’s bearish trend. RSI is decreasing in the oversold zone and is showing a negative crossover and The MACD and the signal line are decreasing but not showing a definitive crossover, as per the technical indicators. Traders should wait patiently for any big change in the market before making any trade.

Technical Levels

Support Levels: $16.07 and $18.84

Resistance Levels: $12.86 and $6.45

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 stocks comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing