Novavax buoyed by pivotal support - Analysis - 08-06-2022

Novavax's stock (NVAX) rose in the intraday levels after the pivotal support of 44.00 held on, lending it positive momentum, and ending up 6.21% in the last session, or 2.78 points, and settling at 47.54, with trading volumes surpassing 7.5 million shares, above 10-day averages of 6.6 million shares, amid the dominance of the main downward trend in the medium and short terms, with negative pressure from the 50-day SMA, coupled with negative signals from the RSI.

The company reported the FDA has given it a license to use its NVX-Cov2373 emergency vaccine for adults. 

The approval came after trials showed a 90.4% efficacy rate and a safety profile. 

Therefore we expect the stock to return lower, targeting the support of 26.35, provided the pivotal support of 44.00 was breached. 

Expected trend for today: Bearish