Novavax Inc. NVAX stock price shot up 8% in a single day and showed signs of bullish trend reversal. It took support near $7.00 and witnessed a massive rise in buying volume.
Novavax stock price is trying to climb above the 50-day EMA to reverse the short-term trend. If buyers succeed, then a 10% to 20% rise is possible in a short period of time.
In the last six months, NVAX stock price consolidated in the range between $6.50 to $10.00. In past quarterly earnings, Novavax Inc. reported positive EPS which positively impacted the stock.
At the same time, buyers attempted to break the higher range to expand upward and regain the confidence of investors. Unfortunately, the attempt failed and the price reverted in a downward direction again.
After consolidating for quite a long time, the price is reversing upward and might be getting ready for another attempt. However, it will be whether the buyers are able to give the follow-up momentum or not.
Novavax stock price closed the previous session at $7.67 with an intraday rise of 8.18%.
NVAX Stock Price Getting Ready For Breakout?
NVAX stock price is reversing upward and buyers seem to be returning back to the track. If buyers succeed in holding the price above $7.00, then more upward momentum is possible in coming months.
However, if the Novavax stock price faces rejection from the 50-day EMA and drops below $7.00, then the recent up move will be considered as a trap and bears may drag the price toward yearly lows.
The next phase of the rally in NVAX will be triggered when buyers are able to break out of the $10.00 hurdle. Till then, the price is expected to consolidate in the existing range.
Will Novavax Stock Price be Impacted by the Pharma Sector?
Novavax stock price showcases the same consolidation pattern on a daily, weekly, and monthly time frame. The stock needs fresh buyers to push the price upward.
If in the coming months, pharma sector stocks perform in the market then NVAX stock price will be positively impacted. At present, the NVAX share price looks mildly bullish and recovery might continue.
The MACD curve is reversing upward and may generate a positive crossover and showcase bullishness. The RSI at 50 denotes neutral territory and an equal level of tug-of-war between buyers and sellers.
Conclusion
Novavax Inc. NVAX stock price shot up 8% in a single day and formed a giant bullish candle. The analysis suggests if Novavax stock price successfully holds $7, then slow and steady price may reach $10 by October end.
Technical Levels
- Resistance levels: $9.00 and $10.34
- Support levels: $6.61 and $5.63
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets 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
Source: https://www.thecoinrepublic.com/2023/10/04/nvax-stock-up-8-will-novavax-stock-reach-10-by-october-end/