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Nasdaq BeaterMRNA trend analysis
$Moderna(MRNA.US)
Many people are probably thinking about bottom fishing this stock recently, as it has been declining for nearly a year. The previous rise was widely known to be due to the pandemic. So, is it time to buy the dip now? I’ll share my perspective for reference only.
From the chart, it’s clear that the stock has been in a downtrend, though the pace has slowed recently. However, it still shows a descending triangle pattern (for more on descending triangles, check out the article on SMMT). Recently, it also formed a double bottom (purple area), which is why many are considering bottom fishing. Let’s zoom in for a closer look.
Upon closer inspection, the stock hasn’t broken the neckline (red circle), suggesting the current bottom might not hold. Perhaps there will be a better entry point later? Feel free to discuss in the comments!
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