Moderna Inc stock is trading higher today following US President Trump’s coronavirus diagnosis. On Tuesday, the President had indicated that Moderna’s vaccine was “weeks away”, but the company has come out to say that March/April 2021 could be the period when the vaccine becomes available for general use.
Interest in stocks of companies at the forefront of coronavirus vaccine research has picked up since President Trump’s diagnosis. Head of the EU Commission Ursula von der Leyen has indicated as per a Reuters report, that the commission had “concluded two advance purchase agreements”, adding that talks with four more companies were ongoing. This adds to the existing purchase deals the commission has with Sanofi/GSK as well as AstraZeneca.
Moderna is one of the companies presently talking with the EU Commission. Inking a supply deal could be great for Moderna share price activity.
Technical Outlook for Moderna
Moderna’s share price is up 0.53% and currently trades at 70.40. Further bullish action will take the price towards the 73.40 resistance target, with 77.45 and 83.62 lining up as potential targets to the north.
Failure of the breakout move at 73.40 could produce rejection and decline, which targets the 67.09 support initially. Further support at 63.45 could become a reality if 67.09 breaks down, with 55.72 and 50.82 becoming possible targets for future sellers.