The weekly closure points to a rather positive balance for the bullies in the western market. The main bags of the region have been revalued so far this week of the advance in negotiations between the US and its commercial partners to file tariff barriers imposed on international trade since last April 2 -The famous Liberation Day-.
The positive evolution of the quarterly accounts of the companies that this week have announced their financial results and the possibility of a decrease of types by the Fed that now considers part of the market have favored that the bulls have widely dominated the parks since Monday.
In this context, Europe’s bags face the weekly closure closer and closer to the 61.80% and 2/3 (Fibonacci and Dow theory of all the previous fall. In the case of Eurostoxx 50, for example, that level is in the 5.175/5,220 points and is already about 1% distance from this resistance.
“If you exceed that resistive range we would know for sure that it would be very complicated to lose the 4,545/4,473 pointsin a new bearish attack, “says Joan Cabrero, technical analyst and strategist of ECOTRADERwho ensures that this behavior (and more if it is achieved at weekly closure) would give peace of mind to the bulls of the old continent.
Now, despite this approach to resistors, the expert does not consider that it is time to launch to buy impulsively at the moment. “There will be time to buy as soon as there is another bearish wave. An approach to the resistance zone of the 4,545/4,473 points I would see it a priori as an opportunity to undo of values that were bought dates back thinking that the upward trend could continue imposing and have not reacted in the way that was expected of them. “
In the case of IBEX 35, the expert does not consider that it is time to launch positions in the Spanish index in an impulsive way. Although it has a short -term route to the 13,500 points, which are the high of the year.
“So far there are only 2.50% of route and even the area that I suggest waiting for them to buy again, this is the 12.300/12,000 pointsthere are 7% distance. Therefore, the profitability-risgo equation does not see it attractive. I prefer that there are a new bearish shake to buy and then, with stop in the 11,589 points, They will be able to obtain a more interesting risk-re-re-rispace equation, “he highlights.
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