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Moderna’s share price is climbing this Tuesday following the extension of the UK’s approval for its coronavirus vaccine. The UK healthcare regulator has now authorized the administration of the Spikevax vaccine to individuals aged 12-17 years in the UK.
Adding to the positive momentum, Moderna announced that it is working on developing a vaccine targeting HIV, using the same technology that created Spikevax. As a result, Moderna’s shares have risen by 5.65% today.
The price action on Tuesday shows a rebound from the support at the 38.2% Fibonacci retracement level, calculated from the swing low on May 13 to the swing high on August 10. However, the price has encountered resistance at the psychological level of 400.00. Looking ahead, additional resistance levels are at 412.32 (the 23.6% Fibonacci retracement level) and 440.00 (the high from August 5).
On the downside, a drop below 361.52 could set a new target at 342.93. If the decline continues, further support levels are at 320.47 (the low from July 27 and the 50% Fibonacci retracement level) and 279.41.