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FTSE MIB, IBEX 35 Outlook: Recovery Facing Upcoming Hurdles

FTSE MIB, IBEX 35 Outlook: Recovery Facing Upcoming Hurdles

2020-06-16 09:30:00
Justin McQueen, Analyst
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FTSE MIB, IBEX 35 Price Analysis & News

  • FTSE MIB | Uptrend Dented by Last Week’s Reversal
  • IBEX 35 | Key Resistance Curbing Upside
  • Fed Actions Outweigh Beijing Second Wave Concerns and North Korean Tensions

FTSE MIB | Uptrend Dented by Last Week’s Reversal

The FTSE MIB had managed to curtail losses from the 38.2% Fibonacci retracement of the Q1 sell, which had also coincided with the 100DMA. That said, while the index has managed to maintain its recovery from the March lows, the index remains capped at the 50% fib, therefore failing to close the early March gap. However, while the uptrend is broadly intact, last week’s wobble in risk assets signals that the FTSE MIB may struggle to maintain a foothold above 20,000, particularly as concerns over a second wave of COVID-19 cases (in Beijing) rises.

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FTSE MIB Price Chart: Daily Time Frame

FTSE MIB, IBEX 35 Outlook: Recovery Facing Upcoming Hurdles

Source: IG Charts

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IBEX 35 | Key Resistance Curbing Upside

The bounce back from last week’s reversal has tested its first hurdle in the form of the 38.2% Fibonacci retracement (7442). However, while risk appetite had been supported from yesterday’s Fed actions, key resistance may continue to see IBEX 35 struggle for further upside as geopolitical tensions pick, most notably between North and South Korea. That said, a close above 7600 could open the doors for a renewed test of 8000.

IBEX 35 Price Chart: Daily Time Frame

FTSE MIB, IBEX 35 Outlook: Recovery Facing Upcoming Hurdles

Source: IG Charts

--- Written by Justin McQueen, Market Analyst

Follow Justin on Twitter @JMcQueenFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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