The Ibex 35 has before it the possibility of continuing its twenty-third session today, consolidating its positions laterally after having touched, at the end of September for the first time, the resistance zone of the 12,000 points.
“This is a consolidation within a channel with a slight upward slope whose base is in the 11,560/11,600 pointsthis is what I have been saying for days that it is the yellow line or a medium that must be monitored”, underlines Joan Cabrero, technical analyst and strategist of eco-retailer.
In this sense, there will be no worrying signs of bullish exhaustion until the Ibex 35 loses this support. “Only its transfer would invite us to reduce our exposure to the Spanish stock market and reap partial benefits, but as long as this support and this yellow line are not lost, the commercial bias must remain bullish,” analyzes Cabrero.
In Europe, for their part, the stock markets can be calm while the EuroStoxx 50 remains on the support it presents in the 4,900 and 4,870 points. “From there he should try to move forward to attack the high area in the 5,120 points“, indicates the analyst and strategist of eco-retailer.
“In the worst case scenario, if you lose the 4,900/4,870 pointswe could witness a broader consolidation phase, which could bring the continental selective to the minimum zone of September in the 4,730 pointsbut as long as I don’t lose them, I am not in favor of reducing exposure to the Old Continent stock market“, sentence.
Earnings season pending
While waiting to learn more about the economic performance of several major economies on the planet, an avalanche of quarterly results presentations (both by American and European companies) flood to the market during the last hours and is presented as the great catalyst of the markets which are looking for every macroeconomic and trading event of the last hours clues which advance the Federal Reserve’s position in its next interest rate decision, after the US election.
