US30 setting up a Continuation on vaccine hopes?

กันยายน 14, 2020
by Joseph Jeffriess, Market Analyst

Hi traders, equity indexes are back in the positive so far today as vaccine trial news looks to be supporting buying.

European indexes are pointing to stronger opens to start the new week, after news that COVID19 vaccine trials will resume. Phase III trials by AstraZeneca will be restarting after they were stopped last week due to safety concerns. The news raises hopes that a leader in the vaccine race is back on track.

COVID19 cases continued to grow in several states in the U.S. over the weekend. Dr Anthony Fauci, the nation’s leading infectious disease expert, called the data “disturbing.”

According to CNBC, Pfizer CEO Albert Bourla said the drugmaker should have key data from its late-stage trial for the Food and Drug Administration by the end of October. He also suggested that if all goes well the vaccine could be distributed to Americans before the end of the year if it’s found to be safe and effective.

US30 D1 Chart, the picture today looks positive for now. But it’s still a little while off till today’s NY session. Currently, we are watching price as it continues to test the short term downtrend. Last Friday’s session re-held support giving that level further significance on the short term. The hold and bounce from support also lined up with the uptrend signalling potential trend continuation. We are waiting to if buyers can break the resistance/supply area at 28,000/28,060.

If buyers can break and close above this level momentum would look to be in their court but if we see a new fail, sellers might be saying that the short term move lower could a little more to run.

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