The signs that would invite us to think about the end of the consolidation of the Ibex 35 after its failed attempt to beat 12,000

The Ibex 35 has been able to continue in recent weeks the consolidation phase that inaugurated since he failed in his attempt to beat the resistance zone of the 12,000 integers. The threat of witnessing a larger consolidation that could, in the worst case scenario, lead the Spanish selective to the 10,900/11,000 points has not materialized, for the moment, thanks to the fact that the national index “continues to remain strong and in a price zone that is in no man’s land“explains Joan Cabrero, technical analyst and strategist of ecotrader

“The Ibex 35 is almost at the same distance from the highs of the year, at 12,000 integers, as from the theoretical support zone such as 11,130 points, which, for the moment, is what I suggest waiting to buy the Spanish stock market again. in search of a bullish final stretch of the year,” explains the expert, who points out that the bullish trend that has been guiding the increases from the 2022 lows runs through this environment.

The stock markets of the Old Continent, for their part, have managed to endure the week against the supports they face, such as the August lows set by the EuroStoxx 50 in its Total Return SX5R version (which takes into account the distribution of dividends) at 10,900 points, like the 18,900 points of the German DAX 40, the other major index that Ecotrader recommends monitoring.

“As long as this support is not lost, I am not in favor of further reducing exposure to the stock market, especially the European one,” says Cabrero, who emphasizes that for the moment, these levels are resisting the downward advance.

For now, the bulls face their final hours before the weekly close with optimism, led by semiconductor companieswhich rebounded in the Asian session after investors shook off initial concerns about Nvidia over its revenue prospects.

The Chinese stock markets, for their part, have not been able to follow the trend and close the week registering red numbers which contributed to putting the balance of the last five days in the equity market of the Asian power in a negative light.

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