The increases seen yesterday in the European equity market – especially those of the reference indices of peripheral countries, which were greater than 1% in many cases – have helped the Ibex 35 to be able to not only to drive away the ghosts of seeing a loss of supports that would automatically return him to the zone of the 11,130 pointswhich are the September lows, but they have technically put it in a position to look for new highs for the year.
This is highlighted by Joan Cabrero, technical analyst and strategist of ecotraderwho affirms that “with the overcoming of resistance that the Spanish selective presented in the 11,800 points, Everything indicates that we are closer to seeing a rise that tries to lead the Ibex 35 to mark new highs of the year above 12,037 than to witnessing a fall to the 11,130 points, which are the September minimums and the support from which the risk-return equation would be optimal to seek from there a bullish final stretch of the year.”
“After this movement,” highlights the expert, “there will be no sign of bullish deterioration that puts in check the possibility of seeing this Christmas Rally as long as an eventual fall does not pierce the support of 11,486 points.”
The support that “has worked like a charm”
During recent weeks, Ecotrader has placed special emphasis on the fact that the bulls could be calm and not think about reducing exposure to the European stock market as long as the main European stock markets remained on their key supports.
The 10,900 of the EuroStoxx 50 in its Total Return version (not to be confused with the Net Return), the 18,900 points of the German DAX 40 and the 4,600 integers that presents the EuroStoxx 50 in its traditional version have resisted impregnable.
“By this last reference, in fact, ran the base of the channel that has been limiting the increases during the last two years,” explains Cabrero, and assures that “to the extent that this bullish channel has worked like a charm, to simplify the follow-up work, now I recommend that you do not consider reducing exposure to the stock market while the DAX 40 does not lose 10,900 and the EuroStoxx 50 does not lose 4,688 points“.
South Korea shakes the planet: its stock market drops 3%
A political earthquake has shaken South Korea in recent hours with the decision of the South Korean president, Yoon Suk-yeol, declaring emergency martial law without prior notice, only to withdraw it hours later after the Assembly revoked it in an emergency vote. The sequence has shocked the world both because of the conservative leader’s accusations against the opposition of controlling Parliament, engaging in anti-state activities and sympathizing with North Korea, and because of the image of members of Parliament using fire extinguishers to prevent army troops from They entered the legislative headquarters, or the streets of the country’s capital, Seoul, full of protesters.
The market has picked up on this instability with declines that have reached around 3% in the country’s stock markets.like the Kosdaq or the Kospi, but which have not transcended the rest of the stock markets in the region, which are approaching the close of the day with slightly negative movements. The South Korean selectives have managed to reduce their losses as the session progressed until they were around 2%.
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