Quidel Corp (QDEL) is engaged in the development, manufacturing and marketing of diagnostic testing solutions. This stock has been weak since November 9th, 2020 when it gapped sharply lower by 27%. Since that decline, the stock has been trading in a choppy sideways range. The current pattern suggests that the stock is still not out of the woods and is still vulnerable to further declines. Traders should note that Quidel Corp (QDEL) stock is now trading below it’s important 50 and 200-day moving averages. This puts the stock in a weak technical position on the charts.
The next major support level for Quidel Corp (QDEL) stock will be around the $140.00 level. This is where the stock formed a major reversal bottom in late August 2020. That reversal bottom took place with 13 million shares of volume on August 27th, 2020. That is a good sign of institutional sponsorship. This will likely be an area that is defended again when tested.
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