European equities traded sideways on Tuesday, following Monday’s global sell-off. It seems the December trading enthusiasm, driven by the prospect of a global economic recovery, is now being offset by alarming Covid-19 numbers as well as valuation concerns over stocks that went far away from their equilibrium price. Those two bearish drivers are pointing towards a sharp short-term technical correction on certain sectors, like tech shares, while investors may want to increase their exposure to more attractive assets such as energy shares and cyclical values. The economic calendar is not very busy today with the focus instead on earnings season with Citigroup, Wells Fargo and JPMorgan & Chase reporting their Q3 results today.
The DAX-30 Index keeps on consolidating and is still trading inside its main resistance zone between 13,800pts and 14,000pts.
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.