Hope for coronavirus drug to boost the market

Gilead’s remdesivir become hot drugs focused by peoples around the world. In the latest report, the drugs have the potential to become the cure for coronavirus after more than 50% treated with the drugs discharged from the hospital after 14 days of treatment.

Although it is too early to say the drugs will be effective, it will give hope to the market for the short-term. Earnings result continues coming out today. MCD, TWTR, AAL, SO, CMCSA are among the companies which will report earnings today.

Asian & European Stock market

The Asian stock market surge today. Japan’s stock market up 422.50 points (+2.14%) to 20,193.69, China stock market up 37.64 (+1.33%) to 2,860.08 and Australia ASX 200 up 129.00 points (+1.51%) to 5,522.40. The European stock market mixed today before ECB interest-rate decision. DAX Germany up 0.12%, FTSE UK down 0.10%, Euro STOXX 600 up 0.04%

Technical Analysis

Dow Jones Industrial Average (INDU)

The bullish correction in DJIA expected to continue now as the index surpassed 24,250 level. Better than expected earnings result helped boost the market. Aside from the earnings result, the potential cure of coronavirus also helps to lift the bullish sentiment. On the upward, traders will observe the daily SMA 100 and 200.

Accenture PLC (ACN)

The daily SMA 200 level is not far from the current price level. ACN soon will reach the averages and waiting for a reaction near it. If there is a bearish reaction then traders will expect the share prices to retrace toward the level around $180.00 to look for support. There is a possibility the share prices will consolidate between $180.00 and the daily SMA 200.