The IBEX 35 is currently trading around 15,765 points, registering a weekly advance of approximately +1% compared to last Friday’s close. This week it opened with a bullish gap of 0.88%, showing increasing highs and lows compared to previous levels.
This behavior forces us to update the secondary or medium-term bullish guideline, which starts from the April 2025 lows. From this point, we project a theoretical minimum promotion objective of around 16,265 pointscalculated from the width of the tertiary or short-term consolidation process and considering the sequence of impulse-pause-impulse movements that continues to extend the medium-term bullish structure. This objective represents a upside potential of approximately +3.28% from current levels.
As long as they don’t register weekly closings below 15,052 points —last increasing minimum—, lThe very short-term correction risks are considered limited. The technical indicators reinforce this view: the weekly MACD maintains upward cuts and volatility gradually recedes, consolidating a favorable bias towards purchases.
In this context, we maintain a constructive attitude and we consider the continuation of the rally as the most likely scenario, with the potential for reach new annual highs and exceed 16,000 points in the short term.
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