Technical Analyst, Saxo Bank Group
IBEX 35, Benchmark Index of Madrid Stock Exchange, has fared better than most other European markets. Despite technically being in a downtrend on both medium and short-term IBEX is still quite a distance from March trough when Russia entered Ukraine.
Currently IBEX is testing longer term rising trend line. A daily close below could indicate the March low at 7,288 is likely to be tested.
On the daily chart IBEX seems to be forming a falling wedge like pattern. Falling wedges are usually reversal patterns and with the divergence on the RSI (RSI values are not making new lows when price is making new lows, an indication of a trend weakening)
If IBEX closes above the upper falling trendline we could see a rebound to the 0.618 Fibonacci retracement at 8,141. Strong resistance at 8,374.
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