Ibovespa closed the last session positive for the second day in a row. As a result, it registered an increase of 0.65%, to 127,351 points. The index remains in a buying reaction and to continue this movement it will be necessary to overcome the resistance region at 127,640 points. However, it is worth paying attention, as if it breaks the average region at 126,715/125,975 points, it could resume its downward movement.
Based on the Ibovespa 60-minute chart, chart analyst Rodrigo Paz observes that the asset has resumed its upward flow and has the potential for continuity. This occurred after reaching support in the range of 123,700 points, where buying force entered, driving the index upwards and with the formation of a double bottom. However, attention should be paid if the asset breaks the average range downwards.
If the asset follows the upward flow, it should overcome the region of 127,640 points. According to Paz, if it breaks, he will be able to continue with his purchases to seek new resistance bands. Breaking through this region, it tends to seek resistance in the 129,180with a longer target in 130,000 points.
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If the sales flow resumes, it should break the averages in the region of 126,715/125,975 points. Breaking this range, it may gain momentum in order to seek a support region in the 125,000with a longer target in the region of 123,700/123,400 points.
Day Trade today: Schedule
On today’s agenda, the Brazilian job market is highlighted, with the release at 9am of the unemployment rate (Lseg consensus predicts 8.1%) and job creation data for the month of March at 9am (Lseg consensus predicts creation of 182,936 vacancies). Investors should also reflect on Petrobras’ production and sales report released the day before. At 2:30 pm, public debt data for March will be released.
In the US, investors await Amazon’s quarterly results after the closing bell, as they prepare for the Fed’s interest rate decision tomorrow. The Fed is expected to keep interest rates stable, but market players fear that US Central Bank Chairman Jerome Powell’s post-meeting comments will be more hawkish following the recent wave of higher-than-expected inflation data. At 11 am, consumer confidence data for April in the US will be released and at 5:30 pm weekly oil inventory figures (API) will be released.
International markets
At 7:40 am, futures in NY were trading lower: Dow, -0.08%; S&P500, -0.16%; and Nasdaq, -0.16%. In Europe, the Stoxx600 operates down 0.24%, and in Asia, the Tokyo stock market rose 1.24% and the Shanghai stock market fell 0.26%.
In the USA, the yield on 10-year bonds is up, at 4.638%, and the dollar index (DXY) is up 0.09%, at 105.68 points.
Meanwhile, WTI oil rose to US$82.84, +0.25%, and Brent oil rose 0.14%, to US$88.52.
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Iron ore traded on the Dalian exchange fell 0.06%, to 874 yuan, equivalent to US$120.73.
Minicontracts
Mini-index contracts (WINM24)due in June, closed the last session positive for the second day in a row, registering an increase of 0.54%, at 128,690 points.
Based on the previous day’s closing, at 128,690, technical analyst Rodrigo Paz points out how resistance 128,775 (1), 129,000/129,160 (2) and 129,770/130,000 (3). Meanwhile, the supports are in 128,260 (1), 127,720 (2) and 127,235/127,000 (3).
“For today’s trading session (Tuesday), traders should pay attention to a possible continued purchase of the index. To follow this movement it will be necessary to overcome the region of 128,775 points. If the asset resumes its sales flow, it should break the range of 128,260 points”, points out Paz.
Minidollar contracts (WDOK24)due in May, closed the last session in the negative for the second day in a row, registering a drop of 0.10%, at 5,120 points.
The session marks the last day of trading for the WDOK24 mini contract, expiring in May. From 05/01/2024, the contract traded will be the WDOM24, expiring in June.
Thus, based on last Friday’s closing, at 5,120 points, technical analyst Rodrigo Paz points out as supports 5,118/5,114 (1), 5,107.5/5,104 (2) and 5,086.5/5,072.5 (3). Meanwhile, resistance is in 5,126/5,132 (1), 5,143/5,155 (2) and 5,174 (3).
Support and resistance
Check now the main points of support and resistance for the dollar and index mini contracts for this Tuesday.
Check out more content about technical analysis on IM Trader. Daily, infomoney publishes what to expect from dollar and index mini contracts. The best platforms to operate on the Stock Exchange. Open an account at XP.
