- 1 Novavax Stock price (NASDAQ: NVAX) down by 23% on YTD basis.
- 2 The NVAX Stock Price is in a strong downtrend and forming a bearish pattern.
- 3 Novavax Stock eroded the gains generated after the release of previous quarter earnings.
Novavax Stock Price (NASDAQ: NVAX) down by 23% on YTD basis and trading near to the 52 week low. From the past 2 months, NVAX Stock price is consolidating in a wide range between $6.00 to $10.00.
NVAX Stock tried to break the higher range after the release of previous quarter earnings on May 9, 2023. But the up-move was temporary and prices faced strong rejection from the supply zone.
In the mid of March Novavax Stock price took support near $5.55 and showed a minor recovery of 70% approx.
Buyers tried to push the price above the 50 day EMA to turn the short term trend in favor of bulls. Sadly, the NVAX stock lost the momentum near $10.00 and prices reverted in downward direction.
Novavax Inc released the previous quarter earnings on May 9, 2023. It reported an EPS of $-3.41 and revenue of $80.951. Novavax met the EPS estimate by 1.50% but lacked in revenue by 7.60%.
The NVAX Stock price reacted positively after earrings and surged 27% on a single day. The short covering rally triggered after earnings which lack the buying of genuine investors. Due to that, slowly and steady prices eroded the gains.
Investors lost confidence in Novavax Stock
Novavax Stock underperformed the market returns and remains in the bear grip. The price is below the 200 day EMA indicates the positional trend is in a downward direction.
Meanwhile, the price is struggling to hold the 50 day EMA which is acting as an immediate hurdle for bulls. If NVAX stock succeeds to sustain the price above the $8.00 then prices might journey to $10.00.
On the other hand, if the price trades below the 50 day EMA then it might test the 52 week low. Novavax Stock Price will gain momentum only after breakout of $10.00. Till then it is expected to trade in the previous range.
Novavax Stock Price closed the previous session at $7.47 with an intraday decline of -2.86%. The market capitalization stands at $644.70 million.
NVAX Stock is in bear grip
NVAX Stock price tried multiple times to rebound from the lows but got rejected. It shows sellers dominance on higher levels. If the consolidation continues for a few more months then it might be an indication of the base formation.
Technical indicators like the MACD curve are sloping sideways, denoting prices likely to consolidate for some more time. The RSI at 47 denotes neutral territory and an equal level of tug of war between buyers and sellers.
Conclusion
Novavax Stock Price (NASDAQ: NVAX) down by 23% on YTD basis which disappointed the long term investors. NVAX Stock is stuck into a narrow range and possibility range breakout is low.
The technical analysis suggests, Novavax Stock price is in downtrend due to that short term up-move toward $10.00 might face rejection.
Technical levels
Resistance levels: $11.36 and $14.12
Support levels: $5.55 and $4.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.