The Ibex 35 faces today what will be the last day of a week that is already the most bearish for the Spanish selective since the beginning of November. In fact, the index has corrected 61.80/66% of the stretch that took it from trading around 11,500 points to achieve the 12,150 points. “No one can be surprised that before undertaking greater increases we are witnessing a consolidation of that rise,” excuses Joan Cabrero, technical analyst and strategist of ecotrader.
“The support range of the 11,700-11,750 pointsis the one that in a context of strength should not lose,” says the expert, while ensuring that “if that support falls, I fear that We could witness a fall again to seek support for the bullish trend that has been guiding the rises since October 2022which currently runs through the area of the 11,300 points“.
That is one of the areas that a priori has been indicated since ecotrader as key because it represents an opportunity to buy the Spanish stock market with an attractive risk-return equation again. “No one escapes here!” recalls Cabrero
In Europe, for its part, the level to monitor is the one presented by the EuroStoxx 50 in its traditional version in the 4,688 points. “There ran the base of the channel that has been limiting the increases during the last two years and this bullish channel has worked like a charm,” adds Cabrero.
“That is, to simplify the monitoring work, do not consider reducing exposure to the stock market as long as the DAX 40 does not lose 10,900 and the EuroStoxx 50 does not lose 4,688 points,” he says.
And the fact is that, in the continental selective, the supports are now being looked at more given the impossibility that the European index has demonstrated in recent days of exceeding its highs of the year, which are located in the 5,125 points and whose rupture would allow favoring a bullish 2025 towards at least objectives in the 5,500 pointswhich are the historical highs of the dotcom bubble of the year 2000.
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