The Ibex wants to ‘uncork’ a potential of 4% by the end of the year

The Ibex 35 has been able in the last few hours to drive away the ghost of seeing a loss of supports that would automatically return him to the zone of the 11,130 pointswhich are the September lows, and technically it has put itself in a position to look for new highs for the year after overcoming the resistance presented by the Spanish selective in the 11,800 points.

Now the selective has between eyebrow and eyebrow close the year on a high note and the first step is to overcome the psychological resistance of the 12,000 integerswhich is what stopped the increases during last October.

“Overcoming the 12,000/12,037 points This would be another clear sign of strength that would open the door to increases until at least the growing resistance that arises from joining the different ascending relative highs since January 2023, which currently runs through the 12,400 points“, highlights Joan Cabrero, technical analyst and strategist of ecotraderwho explains that these levels are about 4% away from this Wednesday’s closing levels.

The consolidation that the EuroStoxx 50 has gone through in recent weeks with respect to many of its selective counterparts in the Old Continent has meant that the benchmark index in Europe is now in a position to face the final stretch of the year with more possibilities of starring the classic Christmas Rally.

“It can no longer be ruled out or I would not be surprised if the European stock markets move upwards in search of their highs of the year, which in the case of the EuroStoxx 50 are located in the 5,125 points“, highlights Cabrero in this sense while recommending that the investor 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.

Searching for clues in Asia

Markets move in a narrow range, relatively calm, as investors and analysts assimilate the effects of the storms policies in France and South Korea.

Benchmark stock indices gained ground in Japan and Taiwan, while those in China and Hong Kong fell. Korean stocks retreated slightly on South Korea’s ruling party’s decision to try to prevent the impeachment of President Yoon Suk Yeol by voting against a motion to start the procedure that could take place as early as Saturday.

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