European stock indices opened significantly higher on Tuesday after Washington reassured investors on the state of the US’ relationship with China with President Trump stating the trade deal signed with Beijing in January was still “intact”. These few words were enough to offset recent uncertainty surrounding risk assets, reviving market sentiment and driving prices higher. The general mood remains positive so far with most investors continuing to expect higher highs this year, with 2019 levels in sight amid expectations of a V-shaped recovery. Having said that, it will certainly take a bit of time for some businesses to return to being profitable as businesses adapt their models to this new work-from-home economy. This structural change is likely to create different opportunities for stock traders in the near future.
The DAX-30 is the eurozone’s top performer today with the index trading above its recent consolidation zone, near 12,500pts. An extended bullish move towards 12,730pts and 12,925pts could take place soon if it clears resistance at 12,540pts.
Pierre Veyret– Technical analyst, ActivTrades
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