Moderna erases weekly losses - Analysis - 10-06-2022

Moderna's stock (MRNA) skidded 9.76% in the last session, or 14.49 points, settling at 134.04, with trading volumes surpassing 7.5 million shares, above 10-day averages of 5.5 million shares, amid worries the FDA will delay approvals for the Covid 19 booster.

The stock received pressure after touching the resistance of the 50-day SMA, amid the dominance of the downward correctional short-term trend, while the RSI reached overbought levels.

Therefore we expect more losses for the stock, targeting the pivotal support of 122.00, provided the resistance of 155.46 holds on.

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Expected trend for today: Bearish