BioNTech SE (Nasdaq: BNTX) is a German biotechnology company that develops treatment based on messenger ribonucleic acid (mRNA). The company shot to fame and becomes a household name after becoming one of the first successful companies to develop vaccine for Covid-19. In 2020, partnering with Pfizer, BioNTech developed RNA vaccine BNT162b2 to prevent COVID-19 infection. The vaccine offers 95% efficacy in preventing COVID-19 at least 7 days after the second dose. It was the first ever mRNA vaccine which gets authorization.
Weekly chart for BNTX below shows the company rallies in an incomplete impulse Elliott Wave structure which should see further upside. From the IPO time, wave (I) ended at 105, and pullback in wave (II) ended at 37. From there, it’s nesting within wave (III) where wave I of (III) ended at 131 as a diagonal. Pullback in wave II of (III) ended at 80.55. Expect 1 more high to end wave III of (III) as an impulse. Then the stock should pullback in wave IV before 1 more leg higher to end wave V of (III). As far as pivot at 80.55 low remains intact, dips should continue to see buyers in 3, 7, or 11 swing for further upside.
BioNTech (BNTX) Weekly Chart 27 June 2021
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