Vaccine “fever” coupled with index wide recovery excite investors
Instead of explaining the obvious for why the uptrend continues last week, I think right now investors should be seriously considering their next moves. At the moment, we have just arrived at the same exact level in June when the state of Euphoria misled investors into believing that it was U or V-shaped recovery. That said, analysts have already predicted an L or rather K-shaped recovery since the start of the crash, therefore if all goes well, we can expect this to be the legitimate recovery rally. Needless to say, last week extended the rally and almost all counters in the index benefited from the 2nd effective vaccine news along with the US elections confirming that Biden will become president based on the number of electoral college vote numbers.
STI – Updated Daily Chart
On the daily chart, STI managed to overcome multiple resistance levels convincingly.