Since listing its shares on Nasdaq 10 months ago, the German biotech company BioNTech has seen its stock price increase by over 740%. The price is now up 275% Year-To-Date (YTD).
The German company is working on a Coronavirus vaccine that isn’t currently available, and yet the US Government has secured the purchase of 100 million vaccines, while showing interest in further purchasing 500 million vaccines.
American President Donald Trump was also enthusiastic about BioNTech, praising the pioneer in the field of Coronavirus vaccines.
BioNTech recently announced a capital increase, with 5.5 million American Deposit Shares (ADS) to be offered on the Nasdaq exchange in New York, at a price of $93 per share.
BioNTech Price Prediction – Massive increase in trading volume reflects buying interest!
If we technically analyze the BioNTech course, the enormous increase in trading volume is particularly striking! The trading volume has increased many times over, with its stock price currently at an all time high, trading just under $105. However, this price level has not yet been broken.
While the RSI is in overbought regions, the MACD is very bullish. The MACD lines are bullishly crossed and the histogram is bullishly moving higher. If the BioNTech course were to correct, it could find support at the Fibonacci levels at ± $75 and ± $57.
BioNTech Price Prediction – Bullish on the daily chart!
The BioNTech price is also extremely bullish on the daily chart, with the same bullish histogram upwards movement while the MACD lines are bullishly crossed. Here, too, the RSI is in overbought regions, but no bearish divergence has formed yet!
If BioNTech can break the current resistance at $105, there would be no upper limits set for now. After all, there are no further horizontal resistances waiting for the BioNTech share price!