For Álvaro Nieto, financial market analyst at Investment Strategies, we are faced with the formation of a possible doji candle that could provide us with slight signals without certainty for the coming weeks of continuing with the upward trend of recent weeks, since this weekly candle would already be the eighth week of increases in the main Spanish index, so we could be facing possible signs of consolidation that could appear from this candle.
Therefore, for the moment, facing the coming weeks, we will continue to maintain the positive consensus regarding the continuity of the trend of recent months. as long as the price does not end, no weekly candle below 16,854.40 points. The piercing of this level is the first sign of weakness for the medium term in the Ibex 35, since more than a month or practically a month has passed since the price marked the final price of 16,854.40 points.
So, for the moment, In the short term we will also maintain vigilance at 17,278.30 points as the first short-term support level. And since the current weekly candle is a possible doji candle, We could also begin to monitor this week’s minimum starting next Monday around 17,446 points.. Therefore, we will continue to wait for the possible end of this weekly candle in the Spanish market, with the extremely overbought readings we have in the MACD Ocilator already being very notable.
Discover the analysis of the 35 Ibex companies.