The lack of strength of the Ibex 35 in the vicinity of the resistance zone that it found at last year’s highs – around 12,000/12,150 points– begins to be more than obvious.
The Spanish selective has aground below that level and not only has it not managed to follow in the footsteps of its European counterparts, who have managed to surpass similar levels, but it has also shown a certain “reluctance that is striking, since I consider the Spanish selective team to be very intuitive,” he indicates. Joan Cabrero, technical analyst and strategist at .
“In the short term it continues to catch my attention that the Ibex 35 is showing so much reluctance to overcome this resistance zone,” says the expert, who hopes that “this weakness is temporary.” In fact, beating this level is key to canceling the possibility that a pattern can be confirmed in the form of head and shoulders or a double roof.
In the most immediate short term, the Ibex 35 would only show weakness if it lost the support of the 11,635 points and will continue to define an upward trend as long as it remains above the key support of the 11,300 points“which is the dividing line that separates a consolidative context prior to more increases from a potentially bearish corrective one towards the 10,300 points“.
Europe continues to show strength
He EuroStoxx 50 continues to chain good news. If last Friday at the end of last week it managed to break the ceiling of the consolidation process that it had developed over the last nine months, this week it continues to show strength and set new highs for the year.
“It is a clear sign of strength that opens the door to the search for objectives that for months I have valued at the historical highs (without discounted dividends effect) that the EuroStoxx 50 marked in the year 2000 around the 5,522 points“says Cabrero.
“There will be no signs of buying exhaustion that will put the bullish trend in check as long as an eventual cut does not lead the EuroStoxx 50 to lose the December lows in the 4,800 points. Only in that case would I be in favor of doing the accordion and would begin to reduce the bullish exposure. In the meantime, continue enjoying. And even more so with an index that continues to show strength and setting new highs for the year,” warns the technical expert.
LinkedinBeloud
#weakness #Ibex #temporary
