O Ibovespa is close to breaking resistance that could take it between 121,000 and 130,000 points, write graphic analysts Fábio Perina, Lucas Piza and Igor Caixeta in a report released by the Itaú BBA.
According to them, the chances of continuing the upward movement are good, and the Ibovespa has a strong barrier at 114,900 points ahead.
“If you manage to overcome this region, we could see the index gain more traction upwards and the next targets are at 121,600 points and 131,200 points”, they state.
In this session, the index soared 1.50%, to 114,383 points, around 1:05 pm.
On the bearish side, the supports are at 111,600, 110,100, 108,100 and 106,300 “which is the most important level in the short term”.
The trio maintains that the back and forth movement seems to have gained an upward direction.
“Indices in Brazil and the US closed above their key resistances and opened up room to rise. Some sectorial indices lack some kind of confirmation”, they say.
For them, the moment is to position themselves for purchases, after overcoming resistance, “balancing with adequate risk management due to some divergences still”.
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ibovespa today
O Ibovespa advanced with OK (VOUCH3) among the main supports in the wake of a new rise in futures iron ore in China, while, in Brazil, the IGP-DI had the biggest fall in May since 1947.
Tomorrow, the Extended Consumer Price Index (IPCA) and the expectation is for inflation to slow down. Meanwhile, the market digests data from the IGP-DI and car production.
Later, the U.S disclose the stocks of Petroleum last week and the Gross Domestic Product (GDP) of the first trimester in Australia.
The main Wall Street indices dawned close to stability, with investors assessing the chances of the Federal Reserve keep the fees at their meeting next week.
With information from Juliana Américo and Reuters
Source: Moneytimes
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