The biotech stocks are leading the way on the Nasdaq 100 index this Monday, as some positive news on coronavirus vaccine candidates from Pfizer and BioNTech has sparked interest in several pharmaceutical stocks. The Nasdaq 100 is currently up by 1.25% today, with gains being pushed by stocks such as Immuron Ltd (128.42%), Majesco (69.37%), Tonix Pharmaceuticals (41.98%), Aclaris Therapeutics Inc (38.91%) and Checkpoint Therapeutics (29.31%).
Another Nasdaq 100 listed stock is Amazon, which has gained 3.98% on the day after its stock price target was raised by MKM Partners to $3.350. This price upgrade is also being rivalled by another upgrade from Goldman Sachs and Jeffries, with both companies eyeing a $3,800 price target. The demand shift to online shopping is expected to remain high, as the coronavirus pandemic draws on and hits offline retail outlets but lifts online shopping and logistics.
More earnings reports from the big names on the Nasdaq 100 are expected before the end of July.
Technical Outlook for Nasdaq 100
The Nasdaq 100 index continues to trade within the ascending channel, and price action within the channel on the 4-hour chart is the focus of our outlook on the day. Short term resistance is seen at 10776.7, and this area is currently being challenged by today’s intraday highs on the Nasdaq 100. A push above this level targets 10866.2, with 11069 (all-time highs) still constituting the resistance level to beat for buyers.
On the flip side, rejection at 10776.7 allows for a pullback to 10502.8, with a move towards 10314.8 testing the channel’s lower border. Downside targets below 10,000 (9899.0 and 9769.2) are only achievable if the channel breaks down.
Nasdaq 100 Daily Chart