Shares of Novavax Inc (NVAX) are falling sharply today, unwinding a major overbought condition. Today they announced they are starting a new clinical trial for their Covid-19 vaccine. As the stock falls, investors should be watching the $79.50 as the Novavax buy target. This is a major gap fill as well as a Fibonacci 61.8% retrace from the start of the pandemic vaccine rally in the stock. This gives technical traders a firm Novavax buy target to monitor for major technical support. Novavax has rallied from near the $20 level in May to as high as $190.00. This incredible run is due for a major retrace and it has likely started. The stock is currently trading just below $120.00 and still has another $40 downside before I get interested in buying shares.
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