MEXICO IPC INDEX

Mexico IPC index is possibly preparing for a strong breakout to all-time high levels. Over the past three years, the IPC index tested the strong horizontal resistance for the 5th time. Since the beginning of April, price held close to the upper boundary. Last two months sideways consolidation can be a symmetrical triangle and a preparation for a breakout above 46,500 levels. 46,000-46,500 will act as strong resistance in the following weeks. A decisive weekly close above the resistance area can launch a multi-month uptrend for Mexico’s IPC index. Breakdown below 44,500 can result in a lengthy consolidation.