The Ibex 35 has before it the possibility of chaining its twenty-third session today, consolidating positions laterally after touching, at the end of September for the first time, the resistance zone of the 12,000 points.
“This is a consolidation within a channel with a slight upward slope whose base is in the 11,560/11,600 pointswhich is what I have been indicating for days that it is the yellow line or support that must be monitored”, points out Joan Cabrero, technical analyst and strategist of ecotrader.
In this sense, there will be no sign of bullish exhaustion that is worrying as long as the Ibex 35 does not lose that support. “Only its transfer would invite us to reduce exposure to the Spanish stock market and collect partial benefits, but as long as that support and yellow line are not lost, the trading bias must remain bullish,” analyzes Cabrero.
In Europe, for its part, the stock markets can be calm while the EuroStoxx 50 remains on the support it presents in the 4,900 and 4,870 points. “From there he should try to push forward to attack the high area in the 5,120 points“, indicates the analyst and strategist of ecotrader.
“In the worst case, if you lose the 4,900/4,870 pointswe could see a broader consolidation phase, which could take the continental selective to the September minimum zone in the 4,730 pointsbut as long as I don’t lose them, I am not in favor of reducing exposure to the Old Continent stock market“, sentence.
Results season pending
Waiting to learn more data on the economic performance of the several major economies on the planet, an avalanche of presentations of quarterly results (both by American and European companies) flood to the market in the last hours and is presented as the great catalyst for markets that seek in each macro and business event of the last hours clues that advance the position of the Federal Reserve in its next decision on interest rates, after the US elections.
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