Best news, it looks like the Dow Jones index price may be heading to new all-time highs…
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Two bio-tech and drug companies to save the world
The Dow Jones has soared, past the 25,000 level for the first time since March.
This was due to the progress of the treatments and vaccines for the coronavirus.
To start, there were two big announcements on COVID-19.
On Tuesday, biotech company, Novavax (NVAX) rallied nearly 14% higher.
This was based on the announcement that they were starting human trials for a COVID-19 vaccine in Australia.
The first phase involves the placebo-controlled study which will enrol 135 healthy adults. And the first round of data from the study will be expected in July.
Second, big drug maker Merck & Co. (MRK) announced their plans for vaccines and treatments.
They said it would have two potential vaccines soon and an experimental drug (antiviral) against the virus.
In fact, there are currently 10 vaccines in clinical evaluation and 114 in preclinical evaluation.
Plus, Federal Reserve to save thousands of companies
There was an announcement on Sunday, which gave markets hope that businesses will start to return to life.
In fact, in an interview, Fed Governor Rosengreen said that it will start to lend money to small and medium-sized businesses.
The program which will target the SME (Small-Medium Enterprises) sector will be about $600 billion (R10 trillion).
Market analyst, at Think markets, said,
"Risk appetite has been improving for a good couple of months now, partly on hopes over a vaccine but mainly because of expectations that the massive central bank and government stimulus packages announced in response to Covid-19 pandemic will fuel a speedy recovery in demand"
Why I expect the Dow Jones to hit all-time highs!
Looking at the daily chart of the Dow Jones Top 30 index, it’s been moving in a Cup and Handle breakout pattern (Shaded area).
This formation started from the 10th of March and is characterised by three distinct features:
#1: Big rounding bottom (Cup)
#2: Small rounding bottom (handle)
#3: Brim (ceiling level) at 24,619.
As of 25 May 2020, the price finally broke up and closed above the brim level at 24,619.
And now with the confidence, optimism and buying coming back, we can expect the Dow Jones price to head to new all-time highs.
To calculate this price target, we’ll take the difference between the high and low and add it to the high price of the formation.
Price target = (High – Low) + High
= (24,619 – 18,300) + 24,619
This means, we can expect a 25% rally on the Dow Jones which will also take the price to new all-time highs.
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