US Stock market Technical Analysis August 11, 2020

Russia’s vaccine claim to boost the market

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The market overjoyed on the news from Russia on the coronavirus vaccine. Although skepticism accompanies the news, it could not dampen the bullish mood. At the current time, DJIA futures up more than 300 points and suggested higher opening.

Meanwhile, the talk on coronavirus bill expected to resume this week.

Asian & European Stock market

The Asian stock moslty higher today. Japan stock market up 420.30 points (+1.88%) to 22,750.24, China stock market down 38.96 points (-1.15%) to 3,340.29 and Australia ASX 200 up 28.50 points (+0.47%) to 6,138.70. The European stock market also rallying. DAX Germany up 2.10%, FTSE UK up 1.97%, Euro STOXX 600 up 1.85%

Technical Analysis

Dow Jones Industrial Average (INDU)

A higher-high above June’s high printed on the DJIA daily chart. The index turned more bullish as the world is hopeful on coronavirus vaccine from Russia. At the current time, the DJIA index set to continue moving higher, and traders should hold long positions in stock or wait sideline.

Qorvo Inc (QRVO)

QRVO formed bearish close and might start moving lower. If the share prices move lower then traders will observe the price reaction near the horizontal level. The level around $120.00 will become the level to focus on. Aside from the horizontal level, traders will observe the price reaction near the trendline too.

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