Technical Pulse: Moderna Inc October 11, 2022 219


Moderna, Inc (NASDAQ: MRNA) A potential bullish reversal to the upside as:   


  1. The formation of a bulish engulfing candlestick pattern on 10 October after the stock broke out of a bullish falling wedge at the confluence of double bottom support points towards a bullish upside.
  2. Bullish divergence was also observed where the Moving Average Convergence Divergence (MACD) technical indicator made a higher low while price made a lower low in the falling wedge. This discrepancy points to a bullish upside as momentum is building despite the bearish price action.
  3. The price could reach resistance zone 1 where it meets the 38.2% Fibonacci retracement level at 146.50 and recent swing high resistance near 145 before heading to resistance zone 2 at the 50% Fibonacci retracement level at 156.20 and previous swing low support which it broke in July and that is now acting as resistance. The Fibonacci retracement levels are calculated using the swing high of 197.44 and swing low of 115.03 as points of reference.


*Expected timeline of the trade is 13 weeks from the date of report issuance.




Red box = Resistance zone

Green box = Support zone

Orange line = 20-day Moving Average


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About the author

Profile photo of Zane Aw

Zane Aw
Technical Analyst

I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).

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