Prices are trading higher in Frankfurt this morning with the DAX-30 index evolving above the 12,900-pts zone as the market heads for a sixth straight gaining session. Even if the benchmark remains under the influence of external bullish leverages such as the US/China trade war and central bank monetary policy, prices are also getting carried higher by domestic stocks like Covestro AG which reported a Q3 EBITDA slightly ahead of market expectations. The share’s performance has also been boosted following a recent change in ratings from Commerzbank which changed from “Hold” to “Buy” over the weekend. However, the best performance is seen in the automotive and components sector, with Continental AG, currently trading well above 125 EUR.
The DAX-30 index failed to clear the 12,950-pts level this morning before slipping back to the 12,900 zone; However, bull traders seem to be in place to defend the important support over the 12,885-pts level, which could bounce prices back to the 12,946-pts resistance today.
While a student, Pierre Veyret had a passion for the financial markets. At the time, he studied International Trade through the setting up of import / export operations and it was the techniques of hedging against exchange rate risks that helped him to make the link with the financial markets, and all especially that of Forex. It is therefore with the aim of anticipating the price of currencies several months in advance that Pierre quickly turned to different methods of analysis by drawing inspiration and surrounding himself with experts in the field. Shortly after, Pierre decided to specialize in Technical Analysis, a discipline he had the opportunity to practice with real market professionals, thanks to AFATE / IFTA, an association of which he has been an active member for several years. Pierre Veyret is passionate about the field of the financial industry with a particular interest in the various techniques of stock market forecasting. Currently, Pierre is based in the City of London where he works as Chief Analyst. He performs regular interventions on a multitude of asset classes through various media (television, internet and print media).
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© 2019 High Leverage FX - All Rights Reserved.