The IBEX 35 in weekly terms drops 2.22% and stands around 11,780 points. The Spanish selective has experienced a week that, in the short term, is problematic, since we came from a weekly close above the previous highs of 12,038 points, managing last Friday to close specifically at 12,072 points.
This bearish reaction of the last sessions It allows us to establish how reliable this overcoming or breaking of ceilings or resistance has been. And the reality is that we require more information, more daily and weekly candles, to be able to discern or answer with greater certainty that question that has arisen in recent sessions on the Ibex.
At the moment We maintain a structure of unquestionably increasing maximums-minimums in the medium and long termwhich reinforces the recent surpassing of those 12,038 points and continues to keep open that next bullish objective of 12,240 points.
On the other hand, the weekly candle that we are developing is a candle whose high is lower than the previous high, but the low is higher than the previous low, that is, the current weekly candle is for the moment, and with a high probability, will end up being a inside candle, an inside bar. Therefore, The impact at the price level (at the chart level) that the week presents is currently limited.
In short, we have contradictory arguments although we give more weight at this time to the structure and the recent overcoming of ceilings or resistances, but We have to be able to avoid weekly closings below last week’s lows, specifically the level of 11,581.4 points.
If you want to know the technical analysis of all the Ibex 35 values with their supports and resistances, click here