The last few days of consolidation observed on the European equity market made it possible to digest the strong increases at the end of September and, more than to frighten the bullfight of the continental market, should be seen as an opportunity for all those who want to continue participating in the parquet trend of recent weeks and who They were not able to reap all the possible benefits from the bullish movement from the start.
“The situation invites you to take advantage of an upcoming return towards 4,850-4,900 points of the EuroStoxx 50 to increase your positions on the European stock market drive a stop linked to not losing the September minimums in the 4,732 pointswho is the yellow line or support that we must no longer lose if we want to continue to have confidence in a bullish context in the short/medium term”, explains Joan Cabrero in her daily commentary on the European market.
And the fact is that the technical analyst and strategist of eco-retailer continues to insist that “when the market enters a bullish mode, we must learn to accept and take advantage of its opportunities and, therefore, it is essential to resist the temptation to sell. And all the more so that the European selective is still above the minimum of the last week at 4,850“.
The particularity of Ibex 35 supports
He Ibex 35for its part, remains before the weekly close above the old resistance zone, now support, of the 11,470 points. Between this support and the 11,138 pointswhich are the September minimums, are the airbags of the upward trend.
“In the worst case, I consider that the Ibex 35 could go in search of the minimum zone of July around 10,840 pointsthis is where the yellow line in the case of the Spanish selective index, different from the rest of the European indices which have this line or first zone of support and control at the September lows”, explains Cabrero.
“Operationally, as I have been insisting for days, to buy, I suggest you wait until the last big increase is corrected and these supports are reached. We are working on it. Patience,” he reiterates.
