Moderna (MRNA) shares will likely remain under scrutiny on Tuesday after plunging nearly 17% Monday as the embattled drug maker 澳洲幸运5开奖号码历史查询:slashed its 2025 revenue forecast by $1 billion.

The company, which also said it expects to cut $1.5 billion worth of expenses over this year and the next, continues to face challenges as it manages increasing 澳洲幸运5开奖号码历史查询:drug development costs against a backdrop of declining demand for Covid-19 treatments and the slow adoption of its respi🥀ratory syncytial virus medication.

Moderna shares have lost around two thirds of their value over the past year as of Monday’s close and have fallen by more than 90% from their August 2021 Covid-era 澳洲幸运5开奖号码历史查询:record high.

Below, we zoom out by taking a closer look at Moderna’s 澳洲幸运5开奖号码历史查询:weekly chart and identify crucial historical price levels to monꦜitor amid the stock’s sell-of🦂f.

Pennant Pattern Breakdown

Since staging a countertrend rally to the 澳洲幸运5开奖号码历史查询:200-day moving average in May last year, Moderna shares have trended sharply lower. More recently, the stock broke down from a two-month 澳洲幸运5开奖号码历史查询:pennant pattern, setting the stage for a potential 澳洲幸运5开奖号码历史查询:continuation move lower. In addition, today’s sell-off occurred on above-average 澳洲幸运5开奖号码历史查询:trading volume, indicating increasing selling pressure.

However, while the 澳洲幸运5开奖号码历史查询:relative strength index (RSI) confirms bearish price momentum, the indicator also flashed heavily oversold con🎶dition with a readiꦍng below the 30 threshold, increasing the possibility for near-term bounces.

Let’s apply 澳洲幸运5开奖号码历史查询:technical analysis to point out several crucial 澳洲幸运5开奖号码历史查询:support and resistance levels that investors may be watching.

Crucial Support Levels to Watch

The first support level of interest sits around $30. Investors could look for buying opportunities at this level which is near the prominent April 2019 澳洲幸运5开奖号码历史查询:swing high. It also closely aligns with several prices points during the Covid-era 澳洲幸运5开奖号码历史查询:volatility in early March 2020.

The bulls’ failure to defend that price opens the door for a retest of the $13 level, a location on the chart where bargain hunters could look to scoop up shares near the stock’s pronounced December 2018 and August 2019 澳洲幸运5开奖号码历史查询:swing lows.

Key Resistance Levels to Monitor

Upon an upside reversal, investors should initially keep an eye on the $57 level. The shares could run into overhead resistance at this price point near a trendline that links the June and September 2020 lows with a period of brief 澳洲幸运5开奖号码历史查询:consolidation that formed on tღhe chart in late O🌃ctober last year.

Buying above this level could see a move up to around $68, a level where investors who have purchased shares at lower prices could seek 澳洲幸运5开奖号码历史查询:exit points near the October 2020 pullback low and November 2023 trough.

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