IPC Index. March, 28, 2016
Mexican IPC index has reached the top of the consolidation that started in June 2012 and it stands close to the 46,525 historic high. In our last comment we said that we would look for a clear sell signal around current levels.
On Friday 18th a pin bar formed rejecting the 45,602 level, as a result we see as attractive to open a short position at market price with a stop loss just over the 47,000 psychological level with a first price target of 42,716 for a 2:1 reward to risk trade.
Analyst: Victor Campos, CFA.
Source: LATAMPM with Tradingview.com data. Prices as of March, 28, 2016.
DISCLOSURE: The analyst or analysts responsible for this report may or may not have direct or indirect positions on the stocks and securities mentioned before, as of the date or after publishing. This report is for informational purposes only, based upon publicly available information. Accuracy and completeness of the information cannot be guaranteed. LATAM PM is not in any way be liable for claims related to this report. The information and analyses may not be suitable for your specific circumstances. Each investor shall make their own determination of the suitability of an investment of any securities referred to in this report.