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The Ibex reacts on the short-term bullish guideline: for 9,000 points?



If we draw a line that joins the rising lows of the end of January and mid-March, it passes right through the lows of this Wednesday's session.

Technical analysis

Short term

Medium term

Long term

In view of the daily chart of the Ibex we can see the lateral movement, with a certain upward slope, in which the price is moving since the beginning of 2021. Little by little the price range is narrowing, which in normal conditions suggests a somewhat more violent movement of the habitual. In the very short term we have increasing minimums and decreasing maximums, or what is the same, it seems to be triangulating. And we have a support zone in the bullish guideline of recent months that passes just through the lows of this Wednesday. That is to say, a priori the conditions exist to bet on an upward outcome with a first objective at the annual highs (8,740) and above 9,000 points. Being 9,600 points the ultimate goal for the rise. ¿And why the 9,600? Below, on the support side, we have the lows of this Wednesday (8,467) and the lows of March at 8,274 points.

Ibex 35 daily chart

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