Outlook on Moderna. Wall Street sees a potential upside of 48% in the next 12 months

Taking a look at Moderna as Wall Street’s analysts see a potential upside of 48% in the next year. Currently, its shares are trading at around $86.10 a share. From a technical viewpoint, we can see that the price pattern remains bearish. Although, it does seem like the stock may have formed a minor support base along $62.13. A break below this level would only suggest that further downside is possible, reaching levels last seen in September 2020 (below $60). Towards the upside, the first resistance level reads $94.84, which is last week’s high. A close above this level may then lead to an extension towards the trendline resistance, currently reading $108.64. In Minipip’s opinion, a break and close above $108.64 would be required for any further upside. A rejection along the trendline could be the catalyst for yet another sell-off, leading to a fall back to the support base. However, this will have to be analysed further on in the year as it is too premature right now to gauge a more accurate outlook. Nevertheless, looking at the technical indicators, the MACD has turned positive on the weekly and is rising. The RSI is still negative but has risen slightly, it has also moved away from the oversold territory.