One day after Pump-n-Dump?, MRNA launches above and closes above resistance on record volume of 103-million shares.
Next day, price action closes below resistance and the trap is set.
Yesterday (Monday) at the open, MRNA gaps lower -7.4% and didn’t look back. It closed down -12.83%.
Today, another gap lower. Price action is hovering in what appears to be an attempt to stabilize. The question is, stabilize for what?
It probably doesn’t matter as the professionals may have finished their directive.
That is: establish long positions at low prices, generate news events to get the general public excited, continue to foment the price higher, go all out with maximum volume, exit the longs and establish the shorts. After that, price action takes care of itself.
That’s the way it works
Anything can happen and even more (bullish) volume can come from somewhere to drive the price to new highs.
With that in mind, there’s a possibility of an underside test of resistance. Expectations are that such a test (should it occur) will fail and price action continue lower.
It’s likely we’ve seen the top of MRNA.
Charts by StockCharts