$MRNA * MODERNA TC FIB EWP WEEKLY TF ANALYSIS
Technical analysis of Moderna, Inc. (MRNA), using Elliott Wave Principle along with Fibonacci retracement levels. Here’s a breakdown of what I observe and what it might mean:
1. Elliott Wave Count: The chart features a labeled Elliott Wave pattern, with clear impulse waves and corrective waves (A, B, C). We seem to be in the C wave of a larger corrective phase, indicating that the stock is undergoing a downward correction after a prior upward impulse.
2. Fibonacci Retracements: Various Fibonacci retracement levels (0.382, 0.5, 0.618) are drawn on both the upward and downward moves. The chart suggests that the stock has already retraced past significant Fibonacci levels during its correction. The price is nearing the golden pocket retracement level ($48.60 to $43), which should act as a key support level.
3. Trend Channels: There are two visible trend channels: a green upward channel representing the previous bullish trend, and a red downward channel indicating the ongoing bearish phase. The stock appears to have broken out of the upward channel and is firmly within the downward channel, signaling the continuation of a bearish trend.
4. RSI (Relative Strength Index): The RSI indicator at the bottom of the chart is around 31.34, which is close to the oversold region (typically below 30). This suggests that the stock may be nearing a point of exhaustion in its selling pressure, potentially signaling a reversal.
Overall Interpretation:
• Bearish Momentum: The stock is in a corrective phase, as indicated by the Elliott Wave count and the downward trend channel.
• Key Support Levels: Prices around $48 are critical Fibonacci levels that may offer support.
• Possible Reversal: The RSI suggests that the stock is approaching oversold territory, which could indicate a bounce or reversal soon, but it’s important to monitor how the price reacts at these levels.
1. Elliott Wave Count: The chart features a labeled Elliott Wave pattern, with clear impulse waves and corrective waves (A, B, C). We seem to be in the C wave of a larger corrective phase, indicating that the stock is undergoing a downward correction after a prior upward impulse.
2. Fibonacci Retracements: Various Fibonacci retracement levels (0.382, 0.5, 0.618) are drawn on both the upward and downward moves. The chart suggests that the stock has already retraced past significant Fibonacci levels during its correction. The price is nearing the golden pocket retracement level ($48.60 to $43), which should act as a key support level.
3. Trend Channels: There are two visible trend channels: a green upward channel representing the previous bullish trend, and a red downward channel indicating the ongoing bearish phase. The stock appears to have broken out of the upward channel and is firmly within the downward channel, signaling the continuation of a bearish trend.
4. RSI (Relative Strength Index): The RSI indicator at the bottom of the chart is around 31.34, which is close to the oversold region (typically below 30). This suggests that the stock may be nearing a point of exhaustion in its selling pressure, potentially signaling a reversal.
Overall Interpretation:
• Bearish Momentum: The stock is in a corrective phase, as indicated by the Elliott Wave count and the downward trend channel.
• Key Support Levels: Prices around $48 are critical Fibonacci levels that may offer support.
• Possible Reversal: The RSI suggests that the stock is approaching oversold territory, which could indicate a bounce or reversal soon, but it’s important to monitor how the price reacts at these levels.
In technical analysis, several methods focus on higher timeframes to provide a broader, more reliable context for trading or investment decisions. Elliott Wave Principle generally considers historical higher timeframes as mandatory.
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