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Daily market commentary: Investors torn between hopes of monetary aid and a deteriorating pandemic

OIL  Uncertainty is dominating early trading, after a weekend which showed that vaccines are proceeding slowly. Meanwhile, indices are trying…
The post Daily market commentary: Investors torn between hopes of monetary aid and a deteriorating pandemic…

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Uncertainty is dominating early trading, after a weekend which showed that vaccines are proceeding slowly. Meanwhile, indices are trying a difficult, and so far inconsistent, rebound. Oil is following stocks and is showing a modest gain, which brought WTI back to the resistance level at $52.70. From a technical point of view, a clear break up of this zone could open space for rallies to $53.30 and later to the key resistance at $53.90-$54, which has stopped several recovery attempts in the last ten days. Investors are clearly looking for fresh market drivers, in a week where the macroeconomic calendar will be quite busy.

Carlo Alberto De Casa – Chief analyst, ActivTrades 

EUROPEAN SHARES 

Investors are torn between hopes of additional monetary aid and a deteriorating pandemic. This lack of clarity on the short to mid-term prospects usually leads to market consolidation. With that in mind, market operators are likely to keep their focus on macro data as well as corporate earnings. Traders will then cautiously listen to ECB President Christine Lagarde later in the afternoon to get more hints on what to expect in terms of policy. In addition, stock investors are also bracing for this week’s slew of earning reports across many sectors but with a special attention on results from US tech giants.

The best European performance comes from the Italian FTSE MIB 40 where prices continue to flirt with the crucial 22,175pts zone. A break-out here would unlock new upward targets around 22,380pts and 22,800pts while a failure to clear this level would raise the possibility of a deeper correction towards the 21,515-21,660pts zone.

Pierre Veyret– Technical analyst, ActivTrades


Disclaimer: opinions are personal to the authors and do not reflect the opinions of LeapRate. This is not a trading advice.

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