In recent weeks, the Ibex 35 has been able to continue the consolidation phase which inaugurated since he failed in his attempt to overcome the resistance zone of the 12,000 integers. The threat of wider consolidation which could, in the worst case, lead the Spanish selective towards the 10,900/11,000 points has not materialized, for the moment, thanks to the fact that the national index “continues to remain strong and in a price zone in no man’s land“explains Joan Cabrero, technical analyst and strategist at eco-retailer
“The Ibex 35 is almost the same distance from the year’s highs at 12,000 whole as it is from the theoretical support zone like 11,130 points, which, at the moment, is what I propose to do. wait to buy back the Spanish stock market .looking for a bullish last part of the year”, explains the expert, who highlights that the upward trend which has guided the increases since the lows of. 2022 is going through this environment.
The stock markets of the Old Continent, for their part, managed to hold out for the week in the face of the supports they faced, such as the August lows set by the EuroStoxx 50 in its Total Return SX5R version (which takes into account the distribution dividends). at 10,900 points, like the 18,900 points of the German DAX 40, the other major index that Ecotrader recommends monitoring.
“As long as this support is not lost, I am not in favor of further reducing exposure to the stock market, especially European,” says Cabrero, who emphasizes that for the moment these levels are resisting the decline.
For now, bulls face their final hours before the weekly close with optimism, led by semiconductor companieswhich rebounded in the Asian session after investors allayed initial concerns about Nvidia over its revenue outlook.
The Chinese stock markets, for their part, were unable to follow the trend and closed the week recording red numbers which contributed to putting the results of the last five days on the Asian power’s stock market in a negative light.
