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The Ibex pulverizes the upper part of the bearish channel: how much more can it go up?

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This morning we said that European and Wall Street futures rose again with joy (+ 1.5%) and that therefore the sensations with which we started the week could not be better.

Technical analysis
BEAR CHANNEL

Short term

Medium term

Long term

Right now we have the Ibex "poking its head" above the top of the bear channel, the area of ​​6,950 points. While it is true that it presents another important resistance at last month's highs at 7,025 points, this is the last decreasing high. Only closing loosely above, and if it is better than better in weekly candles, we will begin to be somewhat more optimistic with the Ibex in the short term. But yes, today within a flawless downtrend background or primary. If the exit to the upside of the bearish channel is confirmed, we will not rule out a movement in search of the important resistance that it presents in the bearish gap of mid-June at 7,664 points and the maximum of the month of July. A lot can tell us the weekly candle this Friday. Let's see if the price is finally able to jump strongly above the important resistance zone that it is facing at the moment.

Ibex 35 daily chart

Well, we have a before and after as a result of the news that has become known about what Pfizer and BioNTech claim their Covid vaccine is 90% effective. We will see the closing of the daily candle and especially the weekly candle. Well, between now and the end of Friday, anything can happen. For now, the overcoming of the upper part of the channel leads us to think about the possibility of attacking the important resistance it has in the bearish gap of 7,774 points and above and of greater relevance 8,000 points. In fact, only above June's highs, at 8,000, can we start to look at our index with different eyes. Well, everything that happens within the range between 8,000 and 5,814 points (annual minimums) will lack relevant technical implications. At the end of the day everything is still part of a wide and erratic lateral movement after a collapse of heart attack in February and March.

Reaction of the Ibex after knowing the news of BioNTech

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