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The Ibex 35 sets course for the upper part of the bullish channel



The sensations after the bullish session last Friday, closing at the highs of the session, are good. It would be said that our selective has set course for the upper part of the canal.

Technical analysis

Short term

Medium term

Long term

Last Friday we attended a significant volume of negotiation in our selective, although in reality it is only due to the expiration of the 'four hour witch'. In any case, the upward trend of the Ibex remains intact since the August lows in the 8,409 points. But what we don't know is if before attacking the upper part of the channel, by definition resistance, now in the 9,900 points, we will correct the last excesses and fill at least partially the bullish gap of the December 13 session, at 9,468 points. Although it is not necessary to fill it in its entirety, filling it partially is enough. The important thing is that this gap is not closed, or what is the same is canceled. Or in other words, to the extent that this gap does not close, we understand that the bias of 'trading' is more bullish than bearish and therefore the possibility of heading towards the top of the channel is a scenario that is not at all can discard.

Daily Ibex chart since May 2018



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