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Possible Bullish Inside Day Candle Pattern Detected for Novavax (NASDAQ:NVAX)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Novavax (NASDAQ:NVAX) based on the price action in the company's shares. Today's price range of $1.39 and $1.41 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Novavax may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Novavax, Inc. is a clinical stage biotechnology company. The Company creates novel vaccines to address a broad range of infectious diseases worldwide using proprietary virus-like particle (VLP) technology.

Novavax (NASDAQ:NVAX) has potential upside of 166.2% based on a current price of $1.39 and analysts' consensus price target of $3.70. Novavax shares should first meet resistance at the 50-day moving average (MA) of $5.17 and find additional resistance at the 200-day MA of $7.54.

In the past 52 weeks, Novavax share prices have been bracketed by a low of $1.16 and a high of $15.01 and are now at $1.39, 20% above that low price. Over the past week, the 200-day moving average (MA) has gone down 1.9% while the 50-day MA has remained constant.

SmarTrend is tracking the current trend status for Novavax and will alert subscribers who have NVAX in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish inside day candle Novavax

Ticker(s): NVAX