Business · Markets · 2 hrs ago

Brazil’s Ibovespa stock index sets a new intraday record

Brazil’s Ibovespa stock index sets a new intraday record

Brazil’s Ibovespa stock index closed up 1.38% at 209,066 points after rising as high as 209,713 during the previous session.

The index’s intraday peak set a new historical record.

The market commentary said the index remains in an upward trend, trading above its short-term moving averages.

But it has risen far above those averages, and a technical indicator is in overbought territory, so a correction is possible.

For the advance to continue, the index needs to break above 209,713 points; projected targets then include 215,630 and 221,450 points.

If it falls below 203,980 points, the decline could deepen toward lower support levels.

The commentary also gave short-term trading levels for Brazil’s mini-index and mini-dollar contracts.

What people are saying

Rodrigo PazTechnical analyst
The renewal of the all-time high reinforces the predominance of buyers, but the move remains stretched and far from the averages, a condition that keeps the risk of profit-taking open.
via InfoMoney

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