Just half a percentage point. That is what separates the EuroStoxx 50 from the bearish trend that has been guiding the consolidation process that has developed over the last nine months and that runs through the 5,050 points.
Overcoming that level and the first relative resistance that the European index encounters in the 5,125 pointswould imply a bullish continuity that could lead the main reference of the Old Continent to seek initial objectives at 5,500 points
“This level coincides with the historical highs reached during the dotcom bubble of the year 2000,” explains Joan Cabrero, technical analyst and strategist at ecotrader. “And in a more ambitious scenario, a target could be set at 5,800 points, projecting the extent of the current consolidation,” he adds.
The Ibex 35, for its part, has not yet managed to overcome the first resistance levels that it faces and that limit its progress and the achievement of more ambitious heights.
“In the short term there may be ups and downs, but there will be no news that points to greater strength as long as the Ibex 35 does not exceed the resistance zone of the 12,000-12,150 points“, the strategist of ecotrader.
The supports to be monitored are located in the 11,150-11,300 points in the Ibex 35 and, especially, the 39,300 points of the Ibex with Dividends, whose transfer would imply facing a fall of 10%, with a target of the August lows in the 10,300 points.
“Only at that level would I once again consider the purchase of the Spanish stock market attractive with a medium-term orientation,” says the expert.
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