Álvaro Nieto, technical analyst at Investment Strategies, highlights that the Ibex 35 “on a weekly scale, registers (without Friday’s close) at levels of 11,600 points and with an accumulated value of around 1%. So, we continue to find support in the 30-week simple average, while, in the weekly MACD oscillator, the extreme overbought levels that remain in the Ibex 35 continue to clear.
And he points out that, “in this way, as long as the price remains above the main long-term bullish guidelines, we continue to prioritize attending attacks, firstly, from the area of 11,794 points, and, secondly, to the important levels of 12,038 and 12,240 points“.
It also highlights that “on the daily time scale chart, Thursday’s session ended above the highs of last Wednesday’s session, December 18, in the area of 11,669.60 points. However, the price finds itself colliding in Friday’s session with the 50-session simple average”.
“In this way – says Álvaro Nieto – it is important that, during the next week we can see the price end above the average, even at the close of Friday, to be able to prioritize attacks at the level of 11,857.60 points. In addition, the daily MACD oscillation is very close to re-activating upward cuts.”
So, after the important candle of Thursday’s session, when it marked new support in the area of 11,470 points, It is important that we finish a session above the average of 50 sessions.
If you want to know the technical analysis of all the Ibex 35 values with their supports and resistances, click here