MRNA 3/14/2022MRNA
If you didn’t catch the Covid hype train going up, you can catch it going down.
MRNA’s uptrend found its top between Aug.’21 – Sept. 21 when the uptrend came to an end after closing below 50 ema which it was previously respecting to start trend.
Price fell then started to move sideways between 227-362. On Dec. ’21 price attempted to make a move up but failed to make a higher high. Price was then knocked down to support @ 227.
Price moves on to break down from support. Here we also witness a Death Cross with the 200 and 50 ema crossing further confirming the bearish conditions.
Price has entered a downtrend.
Price continued move down until it found support at 139.
Price now finds itself in a descending triangle after making a series of higher lows into support of 139. This consolidation move in form of a descending triangle after start of downtrend can also be classified as a bear flag. (If you missed the initial leg of downtrend, this will give us chance to enter trade short).
Currently, price has broken down from support area @ 139 and has pulled back to it in attempt to turn previous support into resistance.
We have located a chart pattern in a downtrend.
This pattern is currently making a series of lower highs into support.
This is my cue to enter trade.
Entering trade short.
Entry: 138.20
Stop loss: 153.26
Target: 100.00- +27.64%, 2.54 RR ratio or will trade 10ema
