IBEX35 : BULLISH BREAKOUT?
- The Madrid stock market has registered a strong rallye since the end of November 2023, the medium-term trend is therefore bullish.
- More recently, the market has consolidated in a symmetrical triangle chart pattern, between December and today.
Today, the market continues its acceleration with an attempt to clear the upper bound of its symmetrical triangle.
The two long moving averages at 55 and 89 periods remain bullish, even showing an acceleration of the rise in the very short term.
The Stochastic indicator also appears to be confirming the market's bullish clearing, breaking its bullish trendline and entering the overbought zone.
- Although today's crossing is still awaiting validation by the daily close, this is seen as a bullish situation for the Spanish index.
Indeed, the triangle pattern generally plays a trend continuation role, and technical indicators also seem to confirm this hypothesis.
If this scenario is verified today or in the coming trading sessions, with a close above 10,130.0pts (Fibonacci projection at 23.6%), then new targets towards 10,345.0pts, 10,515.0pts then 10,685.0pts would be possible in the short-medium term.
Pierre Veyret, Technical Analyst for ActivTrades
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
- More recently, the market has consolidated in a symmetrical triangle chart pattern, between December and today.
Today, the market continues its acceleration with an attempt to clear the upper bound of its symmetrical triangle.
The two long moving averages at 55 and 89 periods remain bullish, even showing an acceleration of the rise in the very short term.
The Stochastic indicator also appears to be confirming the market's bullish clearing, breaking its bullish trendline and entering the overbought zone.
- Although today's crossing is still awaiting validation by the daily close, this is seen as a bullish situation for the Spanish index.
Indeed, the triangle pattern generally plays a trend continuation role, and technical indicators also seem to confirm this hypothesis.
If this scenario is verified today or in the coming trading sessions, with a close above 10,130.0pts (Fibonacci projection at 23.6%), then new targets towards 10,345.0pts, 10,515.0pts then 10,685.0pts would be possible in the short-medium term.
Pierre Veyret, Technical Analyst for ActivTrades
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
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