Mexbol Technical Analysis 01/03/2016
The Mexbol Index (Mexican Bolsa IPC) has been in a large consolidation since June 2012 as we can see in the weekly chart (Chart 1).
Recently, it broke an important level at 42,430 units and has found support on the back of the recent downtrend (Chart 2), where it forms a Morningstar and a pin bar.These, in our view, indicates further strength supported by the recent risk-on sentiment.
We are buyers on any price weakness above the 42,430 confluence level.
Analyst: Victor Campos, CFA.
Source: LATAMPM with Tradingview.com data. Prices as of March, 1st , 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.