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Moderna’s stock price is up 1.33% this Thursday as it makes its debut on the S&P 500 index. The stock is gaining momentum after the company signed a supply deal with Taiwan to deliver 20 million doses of its coronavirus vaccine and its booster vaccine candidate (pending approval).
According to Moderna, vaccine deliveries will begin in 2022, with an additional 15 million doses scheduled for delivery in 2023.
In related news, the Vietnamese foreign ministry announced ongoing talks with Moderna to start domestic production of mRNA vaccines. Local production in Vietnam could begin in early 2022, with the capacity to produce 100 million doses annually, according to the ministry’s spokeswoman, Le Thi Thu Hang.
Moderna’s stock price reached new all-time highs on July 20.
Thursday’s price increase positions Moderna’s stock for another attempt to retest the all-time high of 342.51. If this level is breached, the next target is 350.13, which corresponds to the 141.4% Fibonacci extension from the March 30 low to the June 7 high and down to the March 16 low. If the advance continues beyond this point, the stock may encounter resistance at 372.87, the 161.8% Fibonacci extension.
Conversely, if the stock falls below the 291.41 support level, it could trigger a correction targeting 246.36 and 214.61 (the lows from June 28 and July 8), with 261.36 (the high from July 15) likely acting as an interim support level.