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Technical Analysis – IBEX 35 pares some losses; still in downward sloping channel
September 27, 2018 2:26 pmVideo
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The IBEX 35 index was underperforming in the previous sessions, while today, the price is erasing some losses and is ready to set a bullish day. However, the index remains below the 23.6% Fibonacci retracement level of the downleg from 11190 to 9100, near 9590. The technical indicators, though, are flattening near their neutral levels. The RSI indicator holds slightly above 50 level and the MACD oscillator stands above its trigger line.
If price action jumps above the 50-day simple moving average, there is scope to test the 9670 resistance, taken from the latest high on September 21. Clearing this key level would see additional gains towards the 200-day SMA and then until the 38.2% Fibonacci of 9896.
On the flip side, a continuation of the bearish structure could see the index challenge again the trough of 9100 identified on September 7. More losses could touch the next immediate psychological level of 9000 before heading towards the next support of 8500, taken from the low on December 2016.
To sum up, in the medium-term the IBEX 35 index has been negative since peaking at 11190 in May 2017. The bearish move is expected to remain as long as price action holds in the falling channel.
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