Today’s Trading: Ibovespa continues its short-term upward trend and is already targeting 123 thousand points

On the downside, attention is on support between 117.5 thousand points and 118 thousand points, according to chartists.

Rodrigo Petri


13 November 2023 09:32

The Ibovespa index ended last week with gains of 2%, reaching 120,568 points, bringing its rise this year to 9.87%.

On Friday, the stock exchange followed the positive performance of the markets in New York, in addition to its positive reaction to the October IPCA data.

For Itaú BBA, Ibovespa managed to cross 119,800 points and create a favorable environment for a potential rally, which could lead the index to reach this year’s maximum at 123 thousand points and perhaps its historical maximum at 131 thousand points.

On the downside, initial support stands at 118,000 points, add experts from Itaú BBA, Fábio Perina, Lucas Piza and Igor Caixeta.

They pointed out that “if it loses (118,000 points), it will open the way to return part of the recent gains and will find support at 114,300 and 111,600 points.”

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Meanwhile, Gilberto Coelho, technical analyst at XP, highlights that after closing the week on a high, breaking the resistance of 120,000, he can now expect a test at 123,000 or 130,000.

According to him, the trend will lose strength with a close below 117,500. “A bullish IFR and high trading volume this week point to new highs.”

According to analyst Jinial Igor Graminhani, after breaking the resistance of 119.780 points, the next peaks are at 123.010, 123.600 and 126.430 points.

“Note in the chart below that in the short term the Ibovespa indicator forms an upward axis marked in blue,” he noted.

Finally, the Agora analysis team, led by Mauricio Camargo, points out that if the short-term rally continues, Ibovespa will face a barrier at the last high, in the 123,000 point area;

They add that on the downside, a return below 119,200 would be bearish, as the index could confirm a reversal move, which would open the way for a sharper decline, initially all the way to the supports identified at 116,800, 115,600, 113,000 and 113,000. 111,600 points.