Moderna tries to correct downward trend - Analysis - 05-05-2022

Moderna's stock rallied 5.81% today and settled at 155.05, with trading volumes passing 11 million shares, supported by positive signals from the RSI after reaching oversold levels. 

Moderna's first quarter profit passed estimates, with Covid 19 vaccination profits spiking by 3 folds, with the company expecting further sales in the second half of the year amid a potential need for a fall booster.

Net income rose to $8.58 per share, while total earnings spiked to $6.07 billion from $1.94 billion.

The stock is attempting to shake off negative pressure from the 50-day SMA, starting to correct the downward short-term trend.

Therefore we expect more gains, targeting the resistance of 188.00, provided the pivotal support of 122.01 holds on.

Expected trend for today: Bullish