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Nasdaq 100 Posts Slight Gains On More Coronavirus Vaccine News

Nasdaq

The biotechnology-heavy Nasdaq 100 stock index is closed for trading as a result of the traditional Thanksgiving holiday for 2020. Still, the futures asset registered slight gains as AstraZeneca’s Chief Executive Pascal Soriot announced that a new global trial was underway to evaluate their vaccine candidate’s efficacy.

According to a Bloomberg report, the new global trial would be separate from the ongoing clinical trial in the US. This new trial aims to assess the efficacy of a lower dosage than the one being used in the US trial.

AstraZeneca’s coronavirus vaccine development was hit with a setback when a participant in an earlier trial died from unexplained causes, causing the company to halt the trials. The company resumed tests shortly after.

The holiday means that there is virtually no market-worthy news out there to impact the Nasdaq 100 futures asset, which is up by now trading flat.

Technical Levels to Watch

This week’s outlook remains unchanged. There is still no follow-through buying to push the Nasdaq 100 above the resistance at 12163.4. Other targets at 12417.8 (9 November high) and the all-time high at 12467.8 remain intact.

On the other hand, a decline below present levels targets 12003.6, with 11820.4 and 11608.5 lining up as additional targets to the south. Only a breakdown of 11176.3 invalidates the outlook of an upside break from the triangle.

Nasdaq 100 Daily Chart