Thursday, September 29

Ibex 35: “rally” above 8,459

The Ibex 35 maintains the bounce structure that it built last week and is established in the middle of the lateral range developed in recent months. Balance or laterality is reflected in the technical indicators of the premium zone which are designed to follow an upward trend: the shares that are part of the Ibex 35 obtain 50.29% of the total available points, a Pyrrhic majority, which indicates a stagnant market.

Ibex 35 on daily chart with Average Amplitude Range in Percentage, Slow Stochastic and Trading Volume

Graphical analysis Ibex 35 as of December 27, 2021

The volume does not accompany, although the flows are mostly buyers (for seasonal reasons), and volatility recedes. In this sense, it could be said that the “Christmas rally” is underway. As long as the short-term support at 8,459, the bottom band of Thursday’s gap to the upside, is not lost, an opportunity could be granted for a possible breakout of the intermediate resistance at 8,592. Higher up, we find resistance at 8,840 points, which is the upper band of the downward gap of 26 NOV21 and approaching the average of 200 sessions.

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Reference-www.estrategiasdeinversion.com

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