Intraday the ibex marked mid-morning price levels slightly above the April highs at 7,210 points. But the most important thing is missing, to close above and to be able to be in weekly candles.

Technical analysis

BREAKING RESISTANCE

Short term

Medium term

Long term

The bearish pressure of the Nasdaq that shortly after opening its doors left 2% has pushed the Ibex down and although we closed clearly in green we do it without being able to close above the resistance of 7,210 points (the highs of April) after reaching a session high at 7,229. But otherwise everything remains more or less the same. That said, it would be nice if the confirmation of the overcoming of 7,210 points we have, if possible, in weekly candles. Well, this type of closure is usually much more reliable, more forceful, thus eliminating the noise of the day to day.

Only in this way will we leave the door open to the possibility that the rebound will continue, with objectives in the last bearish gap (7,440) and adjustment of 38.2%, 8,000 points (50% recoil) and at most the imposing weekly bearish gap of 8,375 points. Taking into account the weakness of our index with respect to the rest of Europe, it seems to me a very complicated mission that the weekly bearish gap that we have referred to closes, or what is the same is annulled. This last level of resistance is the one The German DAX and the world’s leading index, the S&P 500, are currently facing each other.

Ibex 35 daily chart

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