The Ibex 35 prepares a bullish rally before the end of the year with a target of 8836 - 9100 points
"Once the resistance located at 7890 points, green line, has been overcome, my forecasts point to the Ibex reaching at least the level of 8907, 30 points before the end of the year"
Jorge Vendrell - www.wed-center.com
EXPECTED EVOLUTION OF THE IBEX-35
The Ibex 35 prepares a bullish rally before the end of the year with the aim of the ceiling of the bearish trapezoidal channel located at 8836 - 9100 points.
"Once the resistance level located at 7890 points, green line, has been overcome, my forecasts indicate that the Ibex will reach before the end of the year at least the level of 8907, 30 points, being able to reach without too many problems a close on the bearish trapezoidal line D, located at 9100 points."
The fact that it reaches the level of 9100 points is not significant, what is really significant is that it reached 10385 points and that it closed the year between 9385 and 10,385, since this would mean a change of trend in the medium term.
"Just a month after the close, the bullish rally could be very fast so those who wish to buy, this is the right time to do so, since after having passed the level of 6760 points and that of 7890 there are no significant resistances until 8836-9100, which is why my recommendation is to overweight these levels , since a break in support seems unlikely"
FORESEEABLE EVOLUTION AFTER THE BREAK OF THE BEARISH GUIDELINE LOCATED AT 8836-9100
If the Ibex manages to break the trapezoidal bearish guideline, of blue color, that began in 2007, and that joins the historical maximum D with the base of the channel, of black color, and that it has tried to cross without success in 2014, 2017, 2018, 2019 and February of 2020, it is very likely once it gets a monthly close above 9250 points , recule to test the new support located between 8,836 and 9,100 points and rebound from this level to the upside. It must be borne in mind, however, that the fact that it will eventually rise is no guarantee that the whole economy will recover, let alone employment, as I will explain in new reports.
More information in: www.wed-center.com
World Economy Devolepment Center