this came from the small cap centre

We almost didn't bother looking at Novavax, Inc. (NVAX), assuming the modest rally over the last week or so was just the normal post-selloff drift higher. As it turns out, the boost may be something a little healthier than that.

The low of $3.37 Novavax made two weeks ago was a perfect 61.8% Fibonacci retracement of the April/September rally. More than that, NVAX found support there again last week, confirming the earlier push off that line. To see the stock move higher again, and to do so on higher volume, strongly suggests that Fib line was indeed a reversal point.

From here, the 38.2% retracement line at $5.08 is a checkpoint target for Novavax, meaning we don't necessarily want to make exits there - we just want to watch it closely to determine as quickly as possible if the rally will halt there.

So maybe some upside if you want to gamble the 38 percent retrace...hmmm think I'll stay watching.....