Early declines on European stocks erased the advance registered during pre-market trading with uncertainty reigning everywhere this morning. Despite a new stimulus plan announced by Beijing overnight, investor sentiment continues to be dominated by the recent disappointing developments in the struggle to stem the spread of the coronavirus. The death toll continues to climb in the worst affected countries and the total number of COVID-19 cases gets ever closer to the million mark and this is putting a lot of downward pressure on markets.
China also surprised oil markets with its decision to pile up crude oil stocks following the black gold crash. This had an obvious effect on the barrel price but also a significant impact on energy shares like Total and Eni, which are currently helping the Stoxx-50 Index to offer some resistance against today’s selling pressure. The most resilient index can be found in Milan this morning where the FTSE-MIB Index registered a solid rebound above 16,000pts, however it remains inside its bearish continuation channel and the market will have to clear short-term resistance 16,655pts to reach 17,070pts.
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.