"Western stock markets and key risk-centric proxies are likely to activate a temporary relief rally from very oversold price conditions"
- Ron William, technical strategist at MIG Bank
Swiss stocks closed higher on Wednesday amid Compagnie Financiere Richemont SA surprising the market with better than predicted earnings.
The Swiss blue-chip index SMI, a measure of the largest and most actively traded companies, gained 0.13%, or 7.57 points, to 5,872.73. The broader Swiss Performance Index surged by 0.17%, or 9.53 points, to 5,488.88.
"Western stock markets and key risk-centric proxies are likely to activate a temporary relief rally from very oversold price conditions," reckons Ron William, a technical strategist at MIG Bank in Lausanne, Switzerland. "Uncertainty remains, though, and the social mood remains in a bearish cycle and market volatility is likely to rise from its historic lows."
© Dukascopy Bank