The rises seen yesterday in the European equity market – particularly those in peripheral country benchmarks, which were above 1% in many cases – helped the Ibex 35 not only be able to chase the spectra to notice a loss of support which would automatically bring it back to the zone of 11,130 pointswhich are September lows, but they have technically put it in position to seek new highs for the year.
This is highlighted by Joan Cabrero, technical analyst and strategist of eco-retailerwhich states that “with the overcoming of the resistance that the Spanish selection presented to the 11,800 points, Everything indicates that we are closer to witnessing a rise that would attempt to lead the Ibex 35 to mark new highs of the year above 12,037 than to witnessing a fall towards the 11,130 points, which are the September minimums and the support from which the risk-return equation would be optimal to hope from there for a bullish last part of the year.
“After this movement”, underlines the expert, “there will be no sign of bullish deterioration which would defeat the possibility of seeing this Christmas rally as long as a possible fall does not pierce the support of 11,486 points”.
The support that “worked wonderfully”
In recent weeks, Ecotrader has placed particular emphasis on the fact that bulls could be calm and not think about reducing exposure to the European stock market as long as the main European stock markets remain on their key supports.
THE 10,900 of the EuroStoxx 50 in its Total Return version (not to be confused with the Net Return), the 18,900 points the German DAX 40 and the 4600 integers presented by the EuroStoxx 50 in its traditional version have resisted impregnably.
“It is by this last reference, in fact, that the basis of the channel that has limited the increases over the last two years was based,” explains Cabrero, and assures that “to the extent that this bullish channel has worked wonderfully, To simplify follow-up work, I now recommend that you do not consider reducing exposure to the stock market while the DAX 40 does not lose 10,900 and the EuroStoxx 50 does not lose 4,688 points“.
South Korea shakes the planet: its stock market falls by 3%
A political earthquake has shaken South Korea in recent hours with the decision of South Korean President Yoon Suk-yeol, declaring emergency martial law without notice, only to withdraw it hours later after the Assembly revoked it in an emergency vote. The footage shocked the world both because of the conservative leader’s accusations against the opposition of controlling Parliament, engaging in anti-state activities and sympathizing with North Korea, and because of the image of deputies using fire extinguishers to prevent army troops from entering. entered the legislative headquarters or the streets of the country’s capital, Seoul, full of protesters.
The market became aware of this instability with declines which reached around 3% on the country’s stock exchanges.like the Kosdaq or the Kospi, but which did not transcend the rest of the stock exchanges in the region, which approach the close of the day with slightly negative movements. The South Korean selectives managed to reduce their losses as the session progressed to around 2%.
