The volatility of the last sessions and, above all, the drop in the price of oil while concerns about a hypothetical attack by Israel against Iranian energy installations have subsided, have favored the change of tone on the stock markets in recent hours and in Europe in general. the Spanish in particular.
He Ibex 35In fact, yesterday he recorded a day that invites optimism among the bulls by signing up for a white candle in which The opening was the minimum and the closing was the maximum of the session.
“Everything indicates that we are closer to a new attack of 12,000 points,” says Joan Cabrero, technical analyst and strategist at Ecotrader. “The Spanish selection seems to want to leave behind the phase of consolidation or digestion that it is developing in the short term since it recently reached its resistance zone”, affirms the expert while emphasizing that The index was content to look for support at 11,563 points without needing to pass through the old resistance zone, now support, of 11,470 points. in the consolidation movement that he developed.
In Europe, the support provided by the EuroStoxx 50 in the upward trend that arises from the junction of the August and September lows – which crossed the 4,900 points– was fundamental for the continental selection to react to the increase. “As long as the main European reference remains on this guideline, which now crosses the 4,975 points“I don’t think there will be any signs of weakness,” Cabrero says.
“Of course,” warns the expert, “any operation aimed at increasing the exposure of their portfolios to the European stock market should be done through the management of a stop linked to not losing the September minimums in the 4,732 pointswhich 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.”
With the “approval” of Wall Street
This bullish optimism in Europe sinks its roots in the good tone of one of the great directors of the market, the Nasdaq 100 on Wall Street. The technology index has between eyebrow and eyebrow a few weeks ago recover the maximums that it had established in mid-July around the 20,690 points and it is now just one step away from attacking this important resistance zone, which was the origin of the last relevant correction in the index.
“Its reach is very probable as long as it does not lose the support it presents in the 19,625 pointsthis is where the upward trend which results from the junction of the August and September lows is now taking place. In a context of strength, a possible consolidation should not deepen below this bullish guideline,” believes the Ecotrader expert.
