The most notable thing about last week was seeing how the Ibex 35 managed to set a new growing maximum within its upward trend, after managing to beat the psychological resistance of the 12,000 integers. “This new high of the year led the Ibex with Dividends to establish a new all-time high and enter absolute free risewhich is the most bullish technical situation that exists, which takes shape when a price curve is trading where it has never done before,” highlights Joan Cabrero, technical analyst and strategist at ecotrader.
In the short term, exceeding the 12,000/12,037 points This is another clear sign of strength that opens the door to the Ibex 35 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 12,400-12,500 points. Beating that growing resistance would be a sign of enormous strength and the icing on the bullish cake in 2024.
“There will be no sign of bullish deterioration that puts in check the possibility of seeing a continuity of the current Christmas Rally while a eventual fall does not lead the Ibex 35 to pierce the support of 11,580 pointswhich are last week’s lows, which are relevant from a technical point of view since they allowed the Ibex 35 to overcome resistance,” reports the strategist of ecotrader.
In Europe, for its part, during the last eight months, the EuroStoxx 50 has developed a consolidation phase very similar in proportions to what we saw in 2023. This period has allowed the strong bullish movement that began in October of that year to be digested since the area of the 4,000 pointswhich found a ceiling in April 2024 by reaching 5,120 points.
“After such a prolonged consolidation, the accumulated overbought has been completely eliminated, leaving the main European index in a optimal position to resume the upward trend of recent years“explains Joan Cabrero in his weekly strategic commentary.
“The medium-term objective of the EuroStoxx 50 is at the historical highs of the technological bubble of the year 2000, around 5,500 points. If this hypothesis is confirmed, there would still be an additional margin of increase close to 10%,” says the expert, who adds that it cannot be ruled out that the increases go beyond that reference.
“From a technical point of view, it is common for a new bullish impulse to cover at least the width of the previous lateral range, which could take the index towards the 5,800 pointsrepresenting an upward trend of 15% from current levels,” he says.
Korean stock market at four-year low
The political turmoil in South Korea and the slow recovery of demand in China shown by the country’s trade balance data have marked the session in the stock indices of the Asian region and have led to them trading negatively today. Especially sensitive have been the losses of the South Korea stock market, which continues to trade in the red behind him political earthquake It began last Tuesday with the decision of the president, Yoon Suk-yeol, to declare emergency martial law without prior notice, only to withdraw it hours later.
From the beginning of this sequence, The Kospi – the country’s main stock exchange – is already down more than 5% and is trading at levels not seen since November 2023. More pronounced if possible is the decline of another of the country’s major selections, the Kosdaq (Korea Securities Dealers Association), which has lost more than 8% since Tuesday and is already moving at levels not seen since the Covid-19 pandemicin April 2020, after learning this Saturday that the motion to remove the president failed after his party’s boycott.
LinkedinBeloud
#Ibex #Dividends #enters #absolute #free #rise
