Vaxart Inc. (NASDAQ:VXRT) shares are trading higher Wednesday.
The company announced that an executive will present an overview of the company’s COVID-19 oral vaccine candidate at the World Vaccine & Immunotherapy Congress on Tuesday, Nov. 30, 2021. The stock is nearing the end of a pattern and could see a push soon.
Vaxart was trading 3.31% higher at $7.02 Wednesday afternoon.
See Related: Vaxart Stock Is Being Squeezed At The End Of A Pattern
Vaxart Daily Chart Analysis
- Shares are nearing the end of what technical traders call a pennant pattern and may see a breakout of the pattern before the year's end.
- The price has been getting condensed between narrowing highs and lows and now is almost at the end of the pattern. If support or resistance could be broken on an above-average volume day, the stock would likely see a further move in that same direction and possibly start a trend.
- The stock is trading below both the 50-day moving average (green) and the 200-day moving average (blue), indicating sentiment in the stock looks to be turning bearish.
- Each of these moving averages may hold as a possible area of resistance in the future.
- The Relative Strength Index (RSI) has been climbing with higher lows for the past month and a half and now sits at 50. This shows the stock now sees the same amount of buying and selling pressure overall.
What’s Next For Vaxart?
Bullish traders are looking to see the stock continue to trade within the pennant pattern until it the end and then go on to break above the resistance level. Bulls want to see the stock be able to cross above the moving averages for sentiment to turn more bullish. Then higher lows are key for the stock to continue to push higher over time.
Bearish traders are looking to see the stock be unable to break above pattern resistance and are looking to see the price fall below the support line. This could cause a strong bearish move in the future if an above-average volume day comes along. Bears are hoping to see the stock continue to trade below the moving averages for sentiment to remain bearish.