The IBEX 35 continues to show an evolution consistent with the corrective process that we have been pointing out in recent weeks. Currently, the index is quoted slightly below 13,900 points, which represents a marginal advance of 0.31% with respect to the closure of the anterior weekly sail.
The ongoing weekly candle, about to close, Does not introduce significant changes in the technical structure of Ibex. We remain immersed in a Short -term consolidation or correction phase That, far from deteriorating the background trend, it remains within a sequence of growing maximums and minimums that has been developing during the last quarters and even years. We positively value this consolidation movement, since it allows you to download extreme overcompra readings in indicators such as the weekly MACD. This «technical cleaning» process is not usually immediate; Rather, it tends to extend for several weeks or monthsespecially when analyzing from a medium -term temporary perspective, as is the case of the weekly graphic.
As for the recent price behavior, it should be noted that A weekly Ibex 35 closure below 13,850 points – level that we had been watching as a key support – could enable an extension of the corrective movement towards the following upward GAP, located between 13,655 and 13,554 points. These levels would work as potential support zones, in line with technical theory on bullish holes.
Despite these recent cuts, we maintain a constructive vision in the IBEX 35. We do not interpret this phase as a sign of weakness, but as a healthy pause within a positive background trend. In fact, there is still a 4.3% correction margin with respect to the 38.2% fibonacci setback applied to the upward stretch since the minimum of April, which gives us perspective on the current technical solidity.
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