Inovio Pharmaceuticals Inc. (NASDAQ: INO) shares are trading higher Thursday after the company announced it received regulatory authorization from Brazil’s ANVISA to initiate the global Phase 3 segment of its Phase 2/3 trial for INO-4800.
Inovio Pharmaceuticals stock was up 9.3% at $9.22 at last check.
Inovio Pharmaceuticals Daily Chart Analysis
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The stock looks to be nearing resistance in what technical traders call an ascending triangle pattern.
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The stock is trading above the 50-day moving average (green), but below the 200-day moving average (blue) Thursday, indicating the stock is likely in a period of consolidation.
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The 50-day moving average may hold as an area of support, while the 200-day moving average may act as a place of resistance.
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The $10 level is an area the stock has struggled to cross before, indicating it is likely a place of resistance. The stock is trading above the higher low trendline leading toward the resistance level. This higher low trendline may continue to hold as support in the future.
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The Relative Strength Index (RSI) has been moving up lately and now sits at 55. This means there are more buyers in the stock than there are sellers.
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What’s Next For Inovio Pharmaceuticals?
Bullish traders are looking to see the stock break out of the ascending triangle pattern and push higher. Eventually bulls would like to see a period of sideways movement above the $10 level before the stock may push higher.
Bearish traders would like to see the stock break below the higher low trendline and begin to fall further. Bears would also like to see the stock fall below the 50-day moving average for a possible change in sentiment.
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