The IBEX 35 rises 0.45% today, thanks to the push from Inditex, which is revalued by 6.3% this morning, after its results presentation.
With this help from Inditex, the IBEX 35 is positioned as the only one of the main European stock markets that rises today.
Ramón Bermejo analyzes the daily situation of the Spanish selective, assuring that “at the close of the session yesterday we had a reversal figure, today we have validated it by violating its maximum, therefore, we could continue rising today and set new maximums in the session of tomorrow”.
According to his analysis, in the 60 minute series, “we are coming from an inverted HGH figure and have validated a double bottom pattern.”
The expert goes on to state that “we are in an impulsive bullish pattern. We have corrected in wave four on ABC and could continue to go higher in wave five to the upside towards the objective of the double minimum at 9,512 points, located at a distance of 1.96%. Yesterday we had a positive signal to close above the gap at 9,290”.
“To have a sign of weakness, we would have to lose the internal uptrend line at an hourly close,” the analyst concludes.
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