European shares traded significantly higher on Thursday, continuing the bullish trend from Asian stocks, and extending yesterday’s gains amid a renewed appetite for risk. Yesterday’s news about Pfizer and BioNTech’s successful vaccine trial turned market sentiment upside down as it came while investors were preparing to redirect their exposure from risk assets to safe havens as a result of the recent jumps in new virus cases in many hotspots. This positive development in the battle against the virus finally provides investors with more clarity and is likely to result in a much clearer direction in market movements soon. Even if the mood is now clearly bullish on stocks, today’s trading session could still be volatile as traders brace for the highly anticipated US jobs report for June due later today, ahead of tomorrow’s bank holiday.
Today’s best performance comes from Spain where the IBEX-35 Index is trading near resistance at 7,410pts. The sharp upward move followed a bullish break-out that validated a triangle pattern and has opened the path not only to 7,410pts but also to 7,520pts and 7,635pts by extension. The 21-period moving average is now rising and the Stochastic indicator is in its overbought zone, indicating an acceleration of the trend.
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.