Novavax coronavirus vaccine Moderna

Moderna Stock Price Could Clear $351 On New Supply Deals

Moderna stock price is up 1.33% this Thursday as it makes its S&P 500 index debut. The Moderna stock price is experiencing demand after it signed a supply deal with Taiwan to deliver 20 million doses of its coronavirus vaccine and the booster vaccine candidate (pending approval).  

A Moderna statement said the delivery of the vaccines would commence in 2022, with another 15 million doses to be supplied in 2023.

In other related developments, the Vietnamese foreign ministry says talks with Moderna to begin domestic production of mRNA vaccines are ongoing. Local production in Vietnam could begin in early 2022, with a local capacity to make 100 million doses a year, according to Vietnamese foreign ministry spokeswoman Le Thi Thu Hang. 

Moderna stock price hit new all-time highs on 20 July.

Technical Levels to Watch

Thursday’s price uptick prepares Moderna’s stock price for another retest of the all-time high at 342.51. A break of this area aims for 350.13 (141.4% Fibonacci extension from the 30 March low to the 7 June high and down to the 16 March low. A further advance that breaks past this level may encounter a barrier at 372.87 (161.8% Fibonacci extension).

On the other hand, a breakdown of the 291.41 support could trigger a correction that targets 246.36 and 214.61 (28 June/8 July lows), with 261.36 (15 July high) expected to serve as a price pitstop.

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Moderna: Daily Chart

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