The IBEX 35 in weekly graphic, has had an bearish week with falls of more than 2%, confirming the doji candle that occurred last week for the second time in four weeks. Therefore, for the moment, we are facing signs of uncertainty on the part of purchases in the short term. «The first support level is at 11,664.60 points, a level that at the moment has sustained at the price during this week although It continues very far from the simple mobile average of 30 weeks and, as in previous consolidation processes, it has ended up finding support on that mobile average that is at 11,972.58 points. It is not ruled out that, in the coming weeks, Ibex 35 consolidates and approximates the price towards the described mobile average, «says Álvaro Nieto, a technical analyst in investment strategies.
In the daily chart, «We are monitoring the process in which Ibex 35 is located since it is active in 12,624 Points after activating a dsitribution charrtist figure and BBE bearish implications.
In the last sessions, the selective is supporting the bullish guideline started in the minimum of Friday, December 20, where purchases become strong, and it is not ruled out that the bullish guideline started at the maximums of March 3 and attend a Pull Back of the 13,050 points can be attacked. However, the bearish objective will be activated while the price does not close above 13,348.20 points. So you have to maintain caution signs in Ibex 35 despite the increases. ”
See the complete technical analysis of the 35 values that make up the Ibex 35