Anticipating MRNA's Breakout - Market Analysis for Aug 7th, 2022
Back on July 5, Mike Paulenoff alerted MPTrader members to the bullish potential in MRNA's chart.
With the stock trading at 154.68, he showed the chart's projection towards resistance at the March 22 high of 188.33, writing: "Just maybe, the 6 month base-accumulation period and pattern carved out by MRNA during 2022 after a wicked corrective-bear phase is starting to make its presence felt technically."
Two days later, on July 7, the stock had popped into the $170s, prompting Mike to write: "MRNA has popped to the upside again, taking out the next resistance area at 160-161, and then following through to 170.50 so far, which we see on my attached 4 Hour Chart has positioned the stock to make a run at challenging its 6-month resistance plateau lodged from 183 to 188. If the multi-month resistance zone is hurdled and sustained, MRNA will trigger intermediate-term projections into the 275 target zone thereafter."
He added, "Let's notice on my attached 4 Hour Chart that the most salient feature IS THE DOMINANT 6 MONTH ROUNDED BASE FORMATION after a bear phase from 498.60 (8/10/21 ATH) into the 130-115 low-zone during the first half of 2022. I wonder if the 77% decline in value of MRNA swung the pendulum from excessive overvaluation to absurd undervaluation? Who knows? What I think I know is that there IS technical meaning to the 6 month accumulation period and pattern that has transpired during 2022 so far. We don't know, and we won't know the reasons for the accumulation of MRNA stock probably until months from now, but at the moment, the accumulation pressures are building towards a bullish catalyst that will unleash the upside potential implied by the 6 month base."
This past week, on Wednesday morning, MRNA rocketed in reaction to a strong earnings report that was supported by a very bullish now 7-month accumulation pattern, the combination of which propelled MRNA stock from 165 to a next-day high print of 197.44, a full 28% above Mike's original alert back on July 5.
MRNA is an example of the quality of the anticipatory technical work members expect and Mike Paulenoff delivers on a daily basis.
What's next for MRNA? In that the upside potential projected off of the Jan-Aug 2022 base formation has barely scratched the surface, join Mike and mptrader members for their ongoing intraday discussions about MRNA as well as many other individual stocks, ETFs, Macro Indices, Commodities, Precious Metals and Miners, and Bitcoin.