The beginning of the year that the Ibex 35 starred in yesterday was, to say the least, turbulent. After registering falls throughout the day that exceeded one percentage point, it was able to recover ground, react upwards and end up closing the last bearish gap that the selective had left in the 11,600 points.
“This behavior is a sign of strength that reinforces the possibility that the current rebound could gain greater relevance,” highlights Joan Cabrero, technical analyst and strategist at Ecotrader.
“For now, you can rest assured as long as the alarm is not activated.” stop which is at the November lows of the Ibex with Dividends, that is, at 39,300 points, which act as the key support to maintain confidence in a bullish scenario in the short and medium term,” the expert qualifies, while indicating that it is a level analogous to the 11,150-11,300 points on the Ibex 35.
The euro/dollar threatens falls beyond parity
The rise in Europe did not find support on the other side of the Atlantic. The fall in US stocks on the first day of the year served, however, to continue the streak of five consecutive sessions of declines that Wall Street has accumulated, which has not achieved a positive closing session since Christmas.
This trend, as it could not be otherwise, has been accompanied by a rebound in the dollar, traditionally conceived as a popular refuge. The Dollar Index, in fact, reached a new high in the last two years this Thursday before correcting positions slightly.
The selective that collects the evolution of the US currency against a basket of the most traded currencies on the planet thus highlights the trend of the last three months of 2024 in which it revalued by 7.7%, its most bullish record. of the decade quarterly speaking.
The rise of the dollar has favored the transfer of the support of 1.035-1.04 integers in the euro/dollar crossingwhich is the base of the channel that had been limiting the consolidation during recent months.
“This movement begins to give us clues that point towards a potentially bearish context in search of the 2022 lows around $0.95 per euro and this is something that reinforces the maintenance of actions on the other side of the Atlantic in dollars,” highlights Cabrero.
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