Why BNTX stock may see $70 before $100 – Idaho Reporter

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Why BNTX stock may see $70 before $100

BNTX stock lost almost $20 in 5 days, will this negative trend continue?

Biontech put the effectiveness of its vaccine at more than 90 percent last Monday. Moderna said that the vaccine developed by the US company showed an effectiveness of 94.5 percent.

In addition, according to the company, the vaccine can be stored in the home refrigerator for 30 days.

BNTX technical chart

There was a strong resistance in the area of ​​the previous BNTX highs, from March and July of this year. In terms of price, one has to speak of the smooth and psychologically important $100 mark. Nevertheless, a larger chart formation is building up here.

It is important that the BioNTech bulls keep the share price above the lower edge. Together with the important 200 moving average, this can be found at around $70.00. However, falling below that figure would cloud the chart image significantly.

The relative strength index (RSI) -Although this indicator is again in the neutral area, it has triggered a sell- signal in the last few days.The Stochastic Indicator is trading in the neutral area. So far there is no exaggeration in any direction.

What the future holds?

Moderna is doing better than BioNTech in the vaccine competition. But one should by no means write off the vaccine developed by BNTX. Billions of people will need to be vaccinated in the months and probably years to come, and many governments already ordered BNTX vaccine. Investors should hold the stock, but newcomers should wait for the correction to finish before they jump on board.

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