Novavax suffers from negative pressures - Analysis - 10-11-2022

Novavax's stock (NVAX) fell in the intraday levels, after revising its full-year sales forecasts to the lower range of its expected range, while reporting surprising quarterly losses, however the sales were much better than expected, with the stock down 5.19% in the last session, or 1.02 points, settling at 18.63, with trading volumes surpassing 6.3 million shares, above 10-day averages of 4.2 million shares.

Technically, the stock is suffering negative pressure from the 50-day SMA, coupled with negative signals from the RSI amid the dominance of the main downward trend in the medium and short terms. 

Therefore we expect more losses for the stock, targeting the support of 8.85, provided it settles below 24.65.

Expected trend for today: Bearish