You Won’t Believe How High Ibovespa Soared in June With the Help of External Support! Technical Analysis Points to Stunning 114 Thousand Points!

The Ibovespa started June on the right foot and has already accumulated gains of 4%, raising its annual valuation to 2.69%, 112,696 points. This Monday (5), after oscillating during the session, going down most of the way, in the final stretch it increased in value, but in the end it ended practically stable, plus 0.12%.

In this way, after breathless in late mayDue to the uncertainties regarding the approval of the increase in the debt ceiling in the US, the Ibovespa unlocked value, in the last sessions, and can now look for new resistance, according to graphists.

Part of the bullish support is also coming from abroad, with the S&P 500, on Wall Street, which has also broken through an important region of resistance, increasing the possibilities of gains for the Stock Markets, with the return of the environment of greater appetite for global risk.

Trading Today: Ibovespa Technical Analysis

According to Itaú BBA technical analysts Fábio Perina, Lucas Piza and Igor Caixeta, with last Friday’s rise, the Brazilian (Ibovespa) and US (SP500 and Nasdaq) indices broke major resistance and increased the chances to continue the movement uphill.

For Ibovespa, according to Itaú, the first barrier is in the 114,900 points. “If it manages to break through this region, we could see the index gain more upward traction and next targets are in 121,600 points Is 131,200 points“, they wrote.

Ibovespa Chart

On the bearish side, Itaú BBA specialists point out, the supports are in 110,100, 108,100 Is 106,300 – “what is the most important level in the short term”.

Ibovespa in an upward trend by the 21 and 200-day averages

In a technical analysis report, Gilberto Coelho, from XP, points out that the Ibovespa is in an upward trend due to the 21 and 200-day averages and closed at a new maximum on Friday, surpassing the 111,700 pointsleaving room to test the 115,000 either 118,000.

“The bullish signal would lose effect with a close below the 108,190said Gilberto Coelho, XP technical analyst.

Ibovespa Chart: February to June/2022

Ibovespa completes 4 weeks of earnings

The technical analyst Guilherme Schrepel, from Investimentos 4YOU, points out that the Ibovespa, after the recent low on May 4, when it was at the 102 thousand pointswent ahead.

In the weekly chart, which follows below, it is possible to notice, adds Schrepel, that the index rose for four consecutive weeks, managing to break the maximum of the penultimate week, which was at 111,705 points.

“Analyzing the weekly chart, it is possible to observe that the Ibovespa left a candle buyer with more expression than the candle of the previous week, which was considered doubtful”, he assesses.

Ibovespa weekly chart: July/2021 to July/2022

According to Schrepel, analyzing the daily chart (under), there is a clearer vision of the resistance regions in which the Ibovespa has been positioning itself. For him, an example of this was the last test session (June 2), in which he searched for the region of 112,708 points and had a slight setback.

“Within that same region, we had previous caps referring to the months of June 2022 and another formed in January 2023,” he says. “I don’t think this takes away from the excellent performance of the index last session, but it does indicate that we are within a resistance range,” he adds.

For him, the current range of the Ibovespa is between 112,708 (1 and 114,835 (2), with the supports located in 111,643 (1 and 108,193 (two).

“It is noteworthy that the resistance of the 114,835 points it was the highest of 2023. Certainly, optimism will remain if the high of the year is broken. With that, I design a target in 120,800with a 100% Fibonacci projection”, he points out.

Ibovespa daily chart: July/2022 to July/2022

For his part, Matheus Lima, from Top Gain, closed the Ibovespa last week with candles positive and directional, “demonstrating the predominance of the buying end”.

“After breaking a very important LTB from its bearish channel to the top, we had a slight correction that looked for the relevant support region, in the 108,255 pointsin which there was no break down, but a strong and relevant performance by buyers, who continued their bullish movement”.

Ibovespa daily chart: 12 months

In this context, Lima affirms that the Ibovespa is testing an important region of resistance, that of the 112,700 pointsprevious top formed at the end of May and beginning of June 2022, exactly 12 months ago.

In the event of default and closure of the candle above this resistance region, we may see a continuation of the uptrend in the short term, taking into account targets at 114,400, 118,400 and, up, in 120,750 points,” he says.

Ibovespa up to 120 thousand points

In addition, Genial pointed out that the Ibovespa, after closing Friday with a rise of 1.80%, at 112,558 points, broke the resistance of the 111,640 points and approached a very strong barrier, which is in 114,320 points.

“If you break this resistance, you can open a bullish field until 120,040 points. The next supports are in 108,190 points, 101,060 points Is 99,900 points“, highlights Great.

Ibovespa daily chart

S&P 500 helping Ibovespa

As mentioned above, the S&P500 is trending up at the 21-day and 200-day averages and ended up closing above the recent high, at the 4,235 pointsfavoring projections in 4,350 either 4500according to Gilberto Coelho, from XP.

“The bullish signal would lose strength with a close below the 4,168“, completes Coelho.

For the BBA, for its part, the S&P 500 has overcome resistance, reaching the 4,230 points, entering an uptrend. “The index will find next resistance in 4,325 Is 4,520 points“, highlight the BBA analysts.

In case of realization, in turn, the S&P 500 should remain above support, in 4,165 pointsto continue in an uptrend.

S&P500 chart last 12 months

What to expect from Ibovespa?

Finally, the BBA points out that the recent “back and forth” movement of the Stock Market seems to have gained direction, and it was upwards.

Experts note that the Brazilian and US indices closed above “major resistance”, leaving room for a rally.

However, analysts point out, some sector indices still need some kind of “confirmation” of the movement.

“It is time to position yourself for purchases, after overcoming resistance, balance with adequate risk management due to some divergences still,” they concluded.

support and resistance

You brackets they are price regions that tend to attract buyers whenever the stock reaches that level. That is, the stock rises after reaching that price.

Toward resistors, by contrast, are price regions that tend to attract sales. That is, the stock usually falls after reaching that price.

An important rule in technical analysis is that of bipolarity, which means that support, when broken, becomes resistance, and resistance, when broken, becomes support.

Consult the latest technical analysis of InfoMoney

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