The euphoria caused by the announcement of the vaccine has substantially improved the technical prospects of the indices of the old continent
The Euro Stoxx 50 it had substantially worsened its price series by leaving the 3,000 point level. The selective was moving below the average of 200 sessions and it seemed that it could return to the level of 2,600 points. However, the gains of 20% of the last two weeks have allowed it to pierce the resistance of 3,445 points. After a consolidation that allows it to clean up the latest gains, it seems very likely that we could end up seeing a continuation of the gains to the level of 3,868 points, the highest at the beginning of the year. We do not rule out a halt on the way to the 3,300 level before continuing its upward climb.
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The Dax it has rebounded 15% from the lows of last October that it drew at 11,313 points. The German index has managed to climb above the 200 session average and is approaching the key resistance at 13,461 points. The most normal thing is that at these prices a breather is taken before returning to attack the key resistance of 13,824 points, all-time highs. Very attentive since if it manages to rise above these prices we could end up seeing how it gets into a free rise without any resistance in its way. We could place the first level of support at 12,500 points. We will not see a sign of weakness as long as it remains trading above this price level.
Very important technical improvement that we have been able to appreciate in this last week in the technical aspect of the CAC 40. The French selective managed to rise above the average of 200 sessions and also put an end to the lateral movement in which it has been moving since June. The breaking of the resistance of 5,213 points confirms a change in trend and after a logical consolidation of levels, it seems very likely that we could end up seeing an extension of the gains to the maximums of the bearish gap that will be left at the beginning of the year in the vicinity out of 6,000 points.
The IBEX 35 It has managed to climb above the 200 session average for the first time since the end of February. The Spanish selective has revalued more than 20% in the first half of November and it seems that we could see an attack at the 8,000 point level, a very important resistance level. The most normal thing is that at these prices we can return a profit taking before continuing with its climb in search of the maximums of the downward gap that will be left in March at 8,375 points. A return to the level of 7,200-7,300 points would enter within normality.