The ‘parenthesis’ that the Ibex 35 needs to be able to undertake greater increases

He Ibex 35 In the last six sessions, it has made progress that has allowed it to achieve – on an intraday basis – the 12,150 points during specific moments. The Spanish selective, in fact, seems to have anticipated the Christmas Rally by having registered an advance of close to 6% from last month’s lows, thus managing to set new growing highs within its bullish trend and (of course) beat the psychological resistance of the 12,000 integers.

With this short-term balance, “no one can be surprised that before undertaking greater increases, which is most likely, we will witness a consolidation of that rise,” warns Joan Cabrero, technical analyst and strategist at ecotraderwho does, however, emphasize that beyond said consolidation, “a scenario of bullish continuity seems the most likely in light of the situation of free rise in which the Ibex 35 entered last week in its version with dividends.

“There will be no sign of bullish deterioration that puts in check the possibility of seeing a continuity of the current Christmas Rally, which could seek the growing resistance that appears in the 12,400/12,500 pointswhose breakup would be the icing on the bullish cake of this 2024, as long as an eventual fall does not lead to the Ibex 35 to drill the support of the 11,580 points“explains the strategist of ecotrader.

There are last week’s lows, which are relevant from a technical point of view since they allowed the Ibex 35 beat resistance.

Europe has its resistances within reach

In Europe, the European bulls are already beginning to think about the next resistances to beat, which are located stone’s throw. The temporary ceiling that the EuroStoxx 50 found in April 2024 when reaching 5,120 pointsis now less than 3% away from this Monday’s closing levels.

“Its breakup would allow for a bullish 2025 towards at least objectives in the 5,500 pointswhich are the historical highs of the dotcom bubble of the year 2000, although more ambitious objectives could be valued at 4,800 points, which come from projecting the amplitude of the last consolidation,” explains Cabrero.

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