The continuity of the digestion phase that the Ibex 35 began at the psychological level of 12,000 pointsis increasingly likely to have continuity. “It is possible that we see more declines before we see the bullish recovery,” says Joan Cabrero, technical analyst and strategist at eco-retailer, which recalls the ancient resistance, today support, of 11,470 pointslike the area of landing more likely for the Spanish selection.
·Between this support or 11,138 pointswhich are the September lows, the declines should be stopped and the upward trend should resume,” explains the expert.
Of course, the strategist takes care to emphasize in his weekly strategic commentary that “the trend will not be in danger until global indices fall below September lows” and looks for short-term clues to try to anticipate market movements.
“In the short term, there is significant support for the lows we saw on October 2 in the United States: the 19,620 points from the Nasdaq 100 and 5,674 from the S&P 500. These levels are only 2% and as long as they are maintained, we should not expect major changes,” explains the expert.
In Europe, in the short term, the EuroStoxx 50 sought support for the upward trend which is born from the rapprochement of the lows of August and September, which crossed 4,900 points.
“As long as the main European reference remains on this guideline, I consider that There will be no sign of weakness, without prejudice to the fact that I continue to insist that we must remain completely calm. and have a bullish trading bias as long as the EuroStoxx 50 does not lose the September lows in the 4,732 points” explains the expert.
