The last time we reviewed the charts of Novavax Inc. (NVAX) back on July 6, we wrote that, "NVAX may indeed be speculative but at this juncture in time I find no glaring reasons to be a seller. That could change at any time. Longs should risk a close below $70." We showed a $172 price target from the Point and Figure chart at that time.
We are overdue for another review.
In the updated daily Japanese candlestick chart of NVAX, below, we can see that prices reached our $172 price target back in late July. Prices corrected into December and then soared to new heights. NVAX corrected from early February to late March but looks ready to move higher yet again.
Prices are retesting the cresting 50-day moving average line. The slope of the 200-day moving average line is positive.
The On-Balance-Volume (OBV) line looks like it turned higher in early March telling us that buyers of NVAX are once again more aggressive. The Moving Average Convergence Divergence (MACD) oscillator is crossing above the zero line for a new outright go long signal.