During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...
MODERNA stock: trade the dip
2020-12-17 • Updated
Moderna was at $177 a while ago. Back then, the market was celebrating the completion of the vaccine trials, and expectations of seeing them finally rolled out to the public made the price soar. What happened next? Days were going by, vaccines have been out there being administered since then, and the virus... hits record daily deaths in the US. So, how to trade that? Trade it fundamentally. You saw the market emotions push the price upwards; now, cooling off, it goes down. Will it eventually go up? Very probably, yes. But not now. Just look at the chart: everything above $95 seems to resemble a rocket blast. That's all emotions, and now, the market is removing them from the price. However, dropping back to $95 might possibly be just too much of a correction. Therefore, a downward retrace to the area of $120 is advised as a currently expected support to be hit. Once the stock is there, watch for the bullish reversal signs, and buy. The stock gives a fundamentally good outlook, so a mid-term bullish bet seems to be an appropriate strategy here.
Don't know how to trade stocks? Here are some simple steps.
- First of all, be sure you’ve downloaded Metatrader 5.FBS allows you to trade stocks only through this software.
- Open the MT5 account in your personal area.
- Reveal all trading instruments by clicking “show all” at the “Market Watch” window.
- Start trading!
Similar
The Australian Dollar (AUD) rebounds on Monday, despite a slight dip in the US Dollar (USD) and higher US Treasury yields. Investors are eyeing Australian monthly Consumer Price Index (CPI) data for February and US Gross Domestic Product (GDP) for Q4 2023. The AUD gains momentum as the ASX 200 Index rises, especially in mining and energy sectors. Additionally, the Aussie...
Gold prices rose on Monday as the US Dollar weakened amidst speculation about potential Federal Reserve rate cuts starting in June. This weakened Dollar was partly due to improved risk sentiment pushing US Treasury yields lower. Despite facing challenges from declining yields, gold prices recovered to nearly $2,170 per troy ounce, driven by the Dollar's weakness. Federal Reserve Chair...
Latest news
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...