Since July 2012 both indices respected their 50-day moving averages. Over the past 5 months MIBTEL and IBEX 35 rebounded twice from their 50-day moving averages. Given that the latest uptrends formed clear trend channels with their lower boundaries overlapping with the 50-day moving averages, we can conclude that any breakdown below these critical support levels could deepen the short-term corrections. Until we see a violation of the current uptrends, we should expect both indices to move higher with 18,500 levels acting as support for Italy’s MIBTEL and 9,500 levels for Spain’s IBEX 35.
ITALY MIBTEL & SPAIN IBEX 35
Posted By Aksel Kibar On In DEVELOPED MARKET EQUITIES,Uncategorized | No Comments