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NVAX) is a clinical-stage biopharmaceutical company focused on developing recombinant protein nanoparticle vaccines to address a range of infectious diseases. This stock closed up 3.1% to $2.59 in Tuesday's trading session.
Tuesday's Range: $2.47-$2.63
52-Week Range: $1.52-$2.77
Thursday's Volume: 1.37 million
Three-Month Average Volume: 1.53 million
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From a technical perspective, NVAX spiked notably higher here right above some near-term support at $2.35 with decent upside volume. This move is quickly pushing shares of NVAX within range of triggering a major breakout trade. That trade will hit if NVAX manages to take out some near-term overhead resistance levels at $2.69 to $2.72 and then once it clears its 52-week high at $2.77 with high volume.
Traders should now look for long-biased trades in NVAX as long as it's trending above some near-term support at $2.35 or its 50-day at $2.19 and then once it sustains a move or close above those breakout levels with volume that hits near or above 1.53 million shares. If that breakout triggers soon, then NVAX will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $3.50 to $4.
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