European share markets remain mixed this Wednesday with the recent optimism proving hard to maintain for most investors. The uncertainty about holding riskier assets re-emerged after hopes of a quick vaccine were nipped in the bud by experts expressing scepticism about the results of Moderna’s vaccine trial. Jerome Powell did not manage to reassure traders yesterday as although he said he will use all the Fed’s weapons to sustain the US economy, investors mostly took it as a sign of distress and/or impotence. Further details may however be provided later today with the FOMC meeting minutes. Investors will also be focusing on today’s speech by Andrew Bailey, the governor of the Bank of England, as well as on the latest data on US Crude Oil Inventories that could increase volatility on mining and energy shares.
The IBEX-35 is the most shorted EU benchmark so far with prices trading below 6,550pts. The technical configuration is not reassuring as the market has registered lower highs and lows recently, which is exerting bearish pressure on the short to mid-term. The trend is likely to stay neutral as long as the supports at 6,800pts and 6,420pts remain unbroken while the DMI indicator does not show any market directionality. However, a break-out of the 6,420pts level could trigger a clearer directional move down towards 6,100pts and then 5,800pts.
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).
© 2019 High Leverage FX - All Rights Reserved.
© 2019 High Leverage FX - All Rights Reserved.