Share markets opened mostly higher on Wednesday in Europe, despite a mixed Asian trading session overnight. The fact that market sentiment remains positive, despite mixed corporate results so far, can be seen as a “good news” at a time where many were expecting a much darker global picture due to the impact of the deadly virus.
However, earnings are still very hard to predict with many investors playing it by ear. The tech sector, with companies like SAP, Nokia and ASML, are helping to drive the Stoxx-50 higher today while energy shares are also in green territory despite yesterday’s extended decline on oil markets and ahead of today’s much anticipated US crude oil inventories data. Investors’ risk appetite is also being sustained by recent data from Germany where daily new Covid-19 cases are near the lowest in the last three weeks even as the country progressively lifts lockdown measures, which is seen as a very good sign by market operators. The FTSE-MIB Index of Milan is one of the best performing markets today and is trading well above 16,500pts. However, the market remains capped by several resistance levels inside a consolidation phase with both moving averages trending lower. A return to the 16,000-16,280 points range, the lower band of the horizontal rectangle, remains the most likely technical scenario on a short-term basis.
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.