Below are the downside targets based on the work of Edson Gould using the high of $484.47.
This is a revision to the posting we did on July 20, 2021. At that time, the shares of Moderna were trading at $313.59 and we said:
“There is no indication that the price of Moderna Inc. has peaked. For this reason, the targets are tentative at best.”
After that posting, Moderna increased an additional +54.49%. In spite of the subsequent increase, Moderna has managed to fulfill 2/3 of the initial targets. The remaining target at $114.17 looks like a distinct possibility based on our update.
The targets, as noted in the chart above are:
-
$215.83 (conservative target)
-
$188.66 (mid-range target)
-
$161.49 (extreme target)
The conclusion of the decline, as far as we’re concerned, would be at the ascending red line or approximately $109.18. We’re not buyers below this level. Our interest in the stock would only be for observation of price and fundamentals.
We want to remind readers of the fact that Moderna was added to the S&P 500 AFTER it had a run-up of +1,728% as compared to Alexion (ALXN) +54% gain over the same 2-year period. Alexion was the company that Moderna replaced in the Index.
