European Stocks reversed to the upside

2018-07-12 20:18    HotForex
European Stocks reversed to the upside Institution Opinions 1

GER30, H4

European stock markets moved higher, following on from a rally in Asia overnight. Chinese markets in particular bounced back from yesterday’s slump as trade jitters abated somewhat after Chinese and US officials reportedly flagged the prospect of returning to talks, with China’s Vice Minister of Commerce calling for bilateral negotiations to resolve the conflict.

In Europe, the UK100 led the rebound in stocks with a gain of 0.78%, as Gilts outperformed and yields eased slightly. The GER30 also managed a rise of 0.61%, helped by a strong Eurozone production number and easing trade jitters. Eurozone industrial production rose 1.3% m/m in May, after contracting -0.8% m/m in the previous month, fueling hope of a rebound in GDP growth in the 2nd quarter.

The German benchmark (GER30) is trading close to yesterday’s open at 12,490.00. This could provide some Resistance to the Index, and we might see a swing back lower at the confluence of the week’s low, the 23.6% Fibonacci retracement level from the decline identified since June 15,  and the FE 61.8 from June 19 rebound. This strong Support area is set at within 12,360.00-12,380.00. A break below this Support could turn the focus towards 12,100.00 barrier.

Oppositely, a break above 12,500.00, which is the 38.2% Fib. level, could suggest that the Index is likely to fill the gap to the upside and hence retest July’s peak at 12,640.70.

 

European Stocks reversed to the upside Institution Opinions 2

Andria Pichidi

Market Analyst

HotForex

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

StockEUR

0 traders reviewed this item, please leave a reply!

About FXYEAH | Broker Listing | Contribute | Contact Us | Sitemap | TagCloud
Disclaimer: All contents of site are only for your reference, don't suggest you do any investment decision, you should be responsible for your decision.