But down 2.5% on the day is much better than the earlier action. Moderna opened 9.1% lower and fell almost 12% before finding its footing and climbing back.
Obviously, Moderna remains in the spotlight as the world continues to battle the Covid-19 pandemic.
For Moderna’s part, the company missed revenue expectations, although it raised its vaccine sales outlook.
The idea that further booster shots will be needed to fight Covid-19 has also been acting as a catalyst for this group.
Let’s look at the chart.
Trading Moderna Stock
Moderna opened right near a cluster of support on Thursday morning. That includes the 50-day and 21-week moving averages, as well as the 61.8% retracement.
The shares faded a bit below this area in early trading, but the stock found its footing before testing into uptrend support (blue line).
What can we make of this price action?
Buy-the-dip traders are stepping into Moderna stock, which is promising. But how high can it really rally here?
We need to see the stock clear its 21-day moving average. Over the 10-day would be a nice boost, too. Above that opens the door to the December high at $178.50
If Moderna stock can clear that level, it opens the door to the double-top high near $189.
The concern here would be a breakdown below the post-earnings low. That would drop Moderna below several key moving averages and levels, while putting uptrend support in play.
Below $140 opens the door to $120 and potentially lower.
Moderna is a tricky one. The stock has already posted a big rally, but as Covid-19 continues to linger, it remains an obvious catalyst for it and other pharma companies, like Pfizer. Keep the technicals in mind moving forward.