Moderna Inc. (Nasdaq: MRNA) shares rallied higher Monday after vaccine stocks continue trading higher with Delta variant worries. The company also reportedly received Swiss approval for the use of the vaccine in 12 to 17-year-olds.

Moderna shares closed up 17% at $484.47.

Moderna Daily Chart Analysis

• The stock saw another large move higher away from the higher low trendline. The stock looks to be moving in a parabolic direction.
• The stock trades above both the 50-day moving average (green), and the 200-day moving average (blue), indicating the stock has recently seen bullish sentiment.
• Each of these moving averages may hold as a possible area of support in the future.
• The higher the stock continues to push, the higher chance the stock is ready to see a cool off and a push back downward. The stock may find support near the higher low trendline.
• The Relative Strength Index (RSI) has been moving up the past couple of weeks and sits at 86. This means the stock has seen much more buying pressure in recent weeks than selling pressure.

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Bullish traders are looking to see the stock continue to form higher lows and climb higher. The stock may need to cool off and consolidate before it continues higher. 

Bearish traders would like to see the stock begin to cool off and start falling toward the higher low trendline. Bears would then like to see the stock cross below the trendline for a possible change of trend.