José Antonio González, financial market analyst at Investment Strategies, highlights that, as far as the reading of the price itself is concerned, we can see how the highs and lows are lower than the highs and lows of the previous weekly candle. Therefore, we are seeing bearish inertiaa certain reaction on the part of the supply or on the part of the sales, a reaction that has attacked during the week the viability of the growing guideline, which starts from the minimums of April 2025, as well as that gap or bullish gap opened last week, a level that we project at 15,861 points.
From these levels, as we can see thanks to the broad lower shadow that the weekly present has left us or is leaving us rather, it seems that the purchases, Demand appears or reacts from these support levels, allowing, let’s say, to avoid, at least for the moment, that weekly closing below these references or below these supports.
If we finally have a weekly close below those 15,861 and, therefore, below the medium-term secondary growing guideline, we would be reinforcing the idea of a short-term ceiling on the part of the selective IBEX 35, a ceiling that we would understand is short-term tertiary, nothing particularly problematic as far as the medium-long-term structure is concerned, but we would be advancing in some type of consolidation or correction which, on the other hand, we would view very favorably because, as we agreed to reiterate in the latest market reports corresponding to the selective, they would allow us to purge readings of both extreme accumulated overbuying of the weekly MACD, as well as readings of complacency in the volatility levels.
As long as we do not have a weekly close below those 15,861we will continue to consider that nothing has changed significantly in weekly data and therefore We will continue to prioritize reaching and even exceeding that minimum theoretical promotion objective with which we have been working. We remember the 16,265 pointsa level that we obtained by projecting the width of this lateral process or in the short-term tertiary range from the breaking point that was generated in the final stretch of the month of September 2025.