Will Novartis AG (NVS) Stock Price Rise to Retest the $105.61?

• The NVS stock price is currently trading at the $97.59 level after gaining 0.46% in its last intraday session.
• Novartis got approval for its IV formulation for Cosentyx.

Novartis AG (NYSE: NVS) is a Swiss pharma company, which does the manufacturing and marketing of healthcare products. It is currently ranked as one of the top 5 global pharma companies

Novartis Got Approval for Its IV Formulation of Cosentyx

Recently, Novartis got approval from the Food and Drug Administration for its intravenous formulation of Cosentyx. It will be used to treat psoriatic arthritis and other conditioned patients.

Novartis AG (NVS) Stock Analysis

The current market share price of NVS is at $97.59 and has increased by 0.46% since its last intraday session. The company’s market capitalization is worth 200.853 Billion USD. It trades with an average 10-day trading volume of 1.652 Million.

Price Analysis on NVS 1-Day Chart

In the wider outlook of the NVS 1-day chart, its price is trading in a wide range of $105.61 to $95.00.

The NVS share price has recently taken immediate support from the $95.00 after giving a breakdown of the trendline from which it was moving up. The price has moved up by 2.74% in the last three trading days after taking support at $95.00. However, the price has left a gap after giving the breakdown of the trendline.

In the last intraday, the price has taken the support of the 200 EMA. It could move up to retest the 50 EMA, which is trading above the price. 

The relative strength index is below 50, which is marked as a bearish territory. However, the RSI line has started to slope in the upward direction. It indicates the buyers are currently influencing the price and have more space in the upward direction to make the price rise.

In the current scenario, the price has taken support from the 200 EMA and $95.00 level. The price could move up to retest the $100.00 level and 50 EMA line. If it breaks above $100.00 and 50 EMA it could move up to test the $105.61.

Suppose the NVS stock price gives the breakdown of the 200 EMA and $95.00 support, it may fall to its $89.00 support.

Conclusion

The Novartis AG is trading in a wide of $105.61 to $95.00. Currently, the price is showing bullish sentiment as it has taken support of the $95.00 level and 200 EMA. In the short term, the price could rise to retest the $100.00 and 50 EMA. However, the further upward move will depend on the breakout of those two levels, which are acting as resistance. If the price gives the breakout of these two resistances, it may rise to its next resistance at $105.61.

However, if it gives the breakdown of the 200 EMA and $95.00, it may fall to its next support at $89.00.

Technical levels

Resistance Levels: $100.00 and $105.61.

Support Levels: $95.00 and $89.00.

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing or trading comes with a risk of financial loss.