VIR & BNTX: 2 Covid stocks at decision pointsBoth VIR and BNTX show similar price action since their respective Covid related drug announcements which put in their March highs. Both stocks have been consistently supported by their VWAP from IPO and their 50 day EMAs. Both stocks also remain held down by their VWAP from their March highs. With both stocks approaching the apex of their descending triangles, I anticipate price needs to expand in one direction or the other. I anticipate both stocks break higher on renewed Covid concerns/media coverage. If you were to take a look at CEMI/GNMK/AYTU/NNVC/IBIO, to name a few, these Covid related names look like they are ready to reverse to the upside after consolidating throughout the market's rally off the lows. It is interesting that with the selloff we saw this past week, some of these Covid stocks seemed to turn the corner.
Disclosure: I own both BNTX and VIR