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- NVAX stock price swells by 5.47%, denying the parabolic fall.
- The relief rally may be a false alarm and can fall further in future.
- Novavax Inc. ‘s earnings reports are scheduled for May 8, 2023.
Novavax Inc. (NASDAQ: NVAX) forms a sturdy bearish price pattern that projects a fall, but current price action rises, disregarding the postulate. The NVAX stock price formed a parabolic curve pattern, and started downtrend after reaching the sell point. The present rise of 5.47% breaches the downtrend temporarily. The rise in price can be attributed to the Reuters’ report regarding African countries approving malaria shots, amounting to about 20 million shots by 2023.
NVAX Upturns ‘Cause of Earnings and Malaria Shots
According to Reuters, African countries are in line to approve new vaccines for malaria, with 20 million doses available to buy this year. The move was unusual as it occurred prior to World Health Organization’s approval, as reported. Earlier, Nigeria’s and Ghana’s medicines regulator, the two nations became the initial countries across the globe to back the new R21 vaccine. The vaccine is developed by scientists at Oxford University and manufactured by Novavax Inc. and partners.
Apart from this, another reason for the rise in NVAX stock price could be the high investor hopes regarding the upcoming earnings report. For the past several releases, the reporting came out with negative figures, weakening the financial foundation of the company. The estimates placed for the earnings are negative $3.462, which is further low than previous reported earnings of negative $2.28. The revenue is predicted for $95.6 million, around 75% less than the previous report of $357.4 million. The lower targets are expected to be achieved by Novavax Inc.
NVAX Stock Price Analysis
NVAX stock price forms a parabolic curve pattern, which began to decline after reaching the sell point. The prices plummeted for three trading sessions, before rising by 5.47% intraday. The current rise occurred taking a temporary support at $8.25, which can soon correct and reach the target price level of $7.30. The EMA ribbon displays bearish attributes, supporting the projected fall.
The Bollinger Bands diverge wide to indicate a volatile market for Novavax Inc. the price can soon start to fall, continuing the parabolic curve pattern. The MACD approaches a convergence and records descending buyer bars in the region above the zero-histogram mark. The RSI drops to the 50-range to reflect the declining buyer interest in NVAX stock price.
Conclusion
NVAX stock price forms a parabolic curve pattern, which targets $7.30 to be the level of fall. The present rise, temporarily defies the projection and can be corrected soon. The rise is attributed to the Reuters’ report regarding African countries approving the new malaria vaccine, prior to WHO’s approval. The estimated doses are about 20 million shots available to buy by the approving countries. The holders can watch the price levels near $7.30 and 6.65 for the next move by Novavax Inc.
Technical levels
Support levels: $6.65 and $5.70
Resistance levels: $9.55 and $11.15
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
