MarceloTorres

IBOV(1D): price struggling to ascend

BMFBOVESPA:IBOV   IBovespa Index
Good morning straight from São Paulo. In IBOV's 1D (daily) chart, we see that yesterday's trading session tested Fibonacci's first level 23.6%, near 11599, but due to President Trump's public statement regarding US conflict with Iran, in which he says that it is important to seek understanding, worldwide stock markets no longer have "reason to fall" for now. Therefore, today IBOV rehearses a high.

Coincidentally, by the time of this post, today's prices peaked at the 38.2% Fibonacci level at 1166877, and then retreated. If the high persists, the Fibonacci levels to be reached are:
- 50% on 117242
- 61.8% in 117608

Meanwhile, the signs of correction have not yet faded, with the attempt to raise prices, these indicators tend to reverse those signals. On the 1W (weekly) chart, the signals are still in the top reversal process (I'll explain this in another analysis).

Particularly I think that the US / Iran conflict is not a light one, so keep your STOPs positioned and profits protected!

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Good trades!
Marcelo Torres

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