European stock markets are bouncing on bullish oil market developments. Stocks began rising minutes after the opening bell as news of an incident in the Gulf of Oman this morning involving two oil tankers that were reportedly attacked by a torpedo had a strong impact on black gold.
Photo by Shaah Shahidh.
Additionally, Kazakhstan said it has cut its oil output to 1.76 million barrels per day, a cut significantly above its obligation. The Kazakh government also said it was in favour of an extension of the OPEC+ deal.
The third bullish news came from President Putin who said Russia’s relationship with the US is worsening after Washington threatened sanctions against companies involved in the Nord Stream 2 gas pipeline project. Putin said countries (like Germany) depending on Russia’s energy were at risk by such actions.
Despite a sea of red at the opening of EU markets, all main gauges are now trading higher than yesterday’s closure. The best performance is being brought by the DAX-30 index were the spike on oil markets had the strongest impact so far. Prices trade towards 12,170 pts with 12,220 pts in sight. A clearing of this technical level would unlock a bullish road to 12,235 pts and 12,315 pts by extension.
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.