The falls of the last two sessions, after a rebound of 21% from the annual lows, do not invalidate for the moment the rebound structure of our selective.

Technical analysis

Short term

Medium term

Long term

Throughout the week we discussed over and over again that the rebound would occur with its intermediate falls / scares. That the rise would not be linear. And that’s what we’re seeing on the rebound. Let’s not forget that at the closing price on Thursday the Ibex accumulated a rebound of 21% from this month’s lows, which means that the latest falls today fit absolutely within normal parameters. In fact, under normal conditions the bounce (at a minimum) should try to fill the last of the bearish holes (7,436) without ruling out the 8,000 points. Well, this last price level corresponds to an adjustment / fall of 50% of the previous crash. Therefore and by way of summary it can be said that there is still room for rebound. Below, on the side of the supports, the key remains at the lows of the year: 5,814 points.

Ibex 35 daily chart


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