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Nasdaq 100 Rallies, But May Find 12000 A Hard Target to Attain

nasdaq 100 index
nasdaq

The Nasdaq 100 is receiving a lift from COVID-19 vaccine hopes, as well as a great performance from the tech stocks on the day. Oracle looks set to take over the US operations of TikTok, and companies such as Nvidia and Verizon are involved in mega acquisition deals. 

However, the upside to the Nasdaq 100 may be capped as US President Donald Trump plans to reduce drug prices. This news has hampered healthcare stocks on the day. However, the resumption in clinical trials by AstraZeneca of its coronavirus vaccine candidate after a pause last week is providing a boost to the market. There was also an update from Pfizer’s CEO, Albert Bourla. Bourla has indicated that more results from clinical trials of its coronavirus vaccine candidate being developed with BioNTech, would be available in October.

The news that Gilead Sciences was acquiring Immunomedics in a $21 billion deal caps up a day that has seen several M & A deals sailing through. 

The Nasdaq 100 index is trading at 11304.9, or 2.08% higher. 

Technical Outlook for Nasdaq 100

The Nasdaq 100’s bullish candle for today is challenging the resistance at 11176.3. It needs a clear break of this level and the 11271.2 minor resistance above it, to make a push for 11547.6 (127.2% Fibonacci extension from the 10 March to 23 March move). 12003.6 is the final barrier standing between the bulls and the all-time highs of 12467.8.

On the flip side, a retreat from present levels if there is no follow-through buying to break the 11176.3 resistance, 10866.5 could come calling once more. 10505.4 and 10307.3 are other targets to the south. 

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Nasdaq 100 Daily Chart

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