Financial Markets Still Driven by Coronavirus Fears

Financial Markets Still Driven by Coronavirus Fears

The financial markets continue to be driven by the coronavirus fears. U.S. stocks dropped last Friday and the Nasdaq had its worst decline in three weeks as an increase in coronavirus cases triggered concerns about further global economic growth.

Apple which is highly exposed to China declined 2.4% dragging the whole Nasdaq down 1.8%.

Even though Apple is not in a sell mode, technically, a downside breakout of the rising channel might accelerate the downturn. The Nasdaq represents the tech sector and currently is still bullish. However, the growing number of coronavirus cases in mainland China and other countries could fuel a corrective downside move.

These charts and the opinions above are for educational and informational purposes only. Technical analysis does not guarantee full accuracy and it could be subject to revision over time. We do not have any liability regarding financial results based on the use of this information. 

Financial Markets Still Driven by Coronavirus Fears
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