José Antonio González, an investment strategy market analyst, highlights that IBEX 35 is complying with our main short -term objective that was overcoming, registration, of new annual maximums above those 15,443 points that, remember, we have been commenting.
And again here we see clearly as, despite extremely overcompra readings by the weekly MACD, not only in Ibex 35 but in many companies on the index, It does not mean that we have immediate correction risk simply, it is an alert of how the feeling of market participants is currently And, therefore, we maintain that context of great euphoria but, the price that is the most important variable, as long as it does not develop the drilling of supports we understand that this euphoria, despite being extreme, remains in force.
Therefore, next bullish objective by Ibex 35, the projection of this small consolidation process from the point of escape, obtaining As a context most likely in the short term, continue with advances at the level of 16,280 points that, from the current levels, would present potential bullish added for the next weeks, or in the short term, approximately of the plus 4.11 percent, approximately.
Again, as long as we do not have weekly closures below the growing guideline which starts from the minimum of April, and Let’s not have perforations of the last growing minimum, which currently leaves us at 15,052 points, We will not have any solid and objective justification with which it will begin to propose the beginning of a correction that allows to purge extremely accumulated envelope readings by the weekly MACD.
A weekly MACD that continues to mark new maximums and, for the moment, does not glimpse descending cuts. Therefore, Ibex 35 that reactivates its maximum and minimal process, We update bullish objectives in the short term those 16,280, And we maintain or We reinforce the bullish bias in the very short term On the part of the Spanish market reference.
See here the complete analysis of the values that make up the Ibex 35