The vertical rebound recorded by the Ibex 35 In recent weeks, it has still not found a brake. The national selection has not only managed to return to the levels at which it was trading before the big bass hit which featured major global stock benchmarks earlier this month, but added an advance of more than 9% compared to the lows of the last five months and is on track to record one of its best Augusts in recent years.
He Ibex 35 It has appreciated more than 2% so far this month. Since 2012, the Spanish team has not registered a revaluation as high as the one it has accumulated so far in the summer month par excellence.
“This is too vertical a rebound as demonstrated by the fact that I can already count fourteen sessions of upward recording according to the theory of the oriental candlestick”, explains Joan Cabrero, technical analyst and strategist at Ecotrader, who recalls that from 10 to 12 recordings, this theory indicates that “the risk that there will be a correction at any time that would serve to digest this rise is very high”.
“Between 4,900 and 4,980 points I would not be surprised to see a correction”
In Europe, the situation is similar to that of the Spanish index, although with nuances. The August gains of the EuroStoxx 50 do not reach a percentage point, after having been the weakest rebound, 7% from monthly lows.
However, the upward momentum of recent weeks has led the continental index to exceed the 4,900 pointswhich corresponds to the recovery level of 66% of the whole of the previous autumn which made it go from 5,120 to 4,470 points.
“Among the 4,900 and 4,980 points I wouldn’t be surprised to see a correction and the optimal is that they wait for new purchases so that this decline is formed, which corrects or consolidates at least half or 38.20% of the previous rebound, without having to wait for a relapse to 4,400″, explains the director of strategy of Ecotrader.
