Market News
- U.S. stocks surged on Wednesday as hopes for an effective COVID-19 treatment prompted a broad rally and helped investors shrug off bleak GDP data. Dow Jones rose 532 points while Nasdaq Composite jumped 3.5%.
- Drug maker Gilead Sciences announced that its drug remdesivir is showing promise as an effective COVID-19 treatment, giving a boost to the broader market and sending its shares up 5.7%.
- Fed left key interest rates near zero after its two-day monetary policy meeting and Chair Jerome Powell warned the economy will drop at an “unprecedented rate” in the current quarter.
Market Views
- Asian stocks rose to a fresh seven-week high on Thursday morning, lifted by encouraging early results from a COVID-19 treatment trial. Nikkei 225 index jumped 510 points while Hong Kong is closed for a holiday today.
- Oil prices rose on Thursday, building on big gains in the previous session on signs the U.S. crude glut is not growing as fast as expected and that gasoline demand battered by COVID-19 restrictions is starting to pick up.
Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation :
Last : 24,807
Target price:
Protective stop:
Outlook
Price has been moving along with the rising 20EMA support for the past few days. It surpassed its recent high of 24,450 last night. There is an overhead resistance zone that lies from 25,230 to 25,800. Inability to move above this resistance zone could result in a test of the 20EMA support at 23,620. Stochastic is turning up at the moment. MACD is bullish but a bullish crossover has not seen yet.
Trading Idea
Wait for better trading idea
Hang Seng Index
(CFD Symbol: HK50)
Trend :
Recommendation :
Last : 24,864
Target price:
Protective stop:
Outlook
This index hit the gap resistance zone that range from 24,700 to 25,010 again yesterday. This could be a strong resistance zone as it also coincided with the Fibonacci 38% correction point of the decline. Above 25,010 would call for a test of 25,975. This index is likely to range unless it can break through its resistance or violate its support. Stochastic is turning up and a bullish MACD crossover is likely.
Trading Idea
Wait for better trading idea
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend :
Recommendation :
Last : 9127
Target price :
Protective stop:
Outlook
This index broke above its overhead support-turned-resistance zone of 9000 last night with a strong bullish candlestick. This zone has now become a support zone. We are likely to see price tests its all-time high at 9753. Stochastic is near to overbought zone but is moving up. MACD has turned bullish as well.
Trading Idea
Buy at 9120 for 9410 with a stop below 9000
S&P 500 Index
(CFD Symbol: US500)
Trend:
Recommendation:
Last: 2963
Target price:
Protective stop:
Outlook
Price broke above its recent high of 2893 and is now testing the gap resistance zone at 2965. Inability to surpass this gap resistance zone could result in a test of the 20EMA support at 2800. This index has to move above this resistance zone for higher target at 3130. Stochastic is turning up at the moment and a bullish crossover was seen. MACD has turned bullish but has not moved above its recent high.
Trading Idea
Wait for better trading idea
