The Ibovespa closed the last session in the negative, correcting after the strong rise on Friday.
As a result, it recorded a decrease of 0.42%, at 126,953 points, forming a low at 126,605 points and a high at 127,657 points. The index resumed its downward movement after a strong rise on Friday’s session.
The asset continues to trade above the averages, with them sloping upwards, and may resume an upward movement.
However, caution is advised, as if it falls below the averages, it may return to a selling movement.Based on the 60-minute chart of the Ibovespa, the chart analyst Rodrigo Paz observes that the asset resumed the buying flow since the end of June, after reaching the support area at 118,820 points.
From there, it pushed higher, reaching the top in the range of 129,655 points. After reaching that resistance area, it resumed its downward movement as a correction signal.
Despite this bearish flow, it still has the potential for new highs, and to achieve this, it will need to overcome resistance at 125,045 points.
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For the asset to resume the buying flow, it will need to overcome the resistance area at 127,045/127,700 points. According to Paz, if it surpasses this range, the asset is likely to boost the buying flow to seek new resistance levels.
Continuing to rise, it tends to target resistance at 128,000/128,175 points with a longer target at 128,875/129,000 points. To follow the downward flow of the last session, the asset will need to break the range of 126,650/126,600 points.
If it loses this range, it could seek next supports at 126,215/125,845 points with a longer target in the region of 125,625/125,000 points.
Day Trading today: AgendaIn today’s agenda, investors await job openings data (JOLTS) for June from the US. Economists surveyed by Dow Jones are predicting 8.1 million job openings, the same as in May. Consumer confidence for July is also scheduled to be released.
The two-day Federal Reserve (Fed) monetary policy meeting starts today.Continues after advertisingIn Brazil, the government will detail the containment of R$ 15 billion in this year’s budget. As a result, it will be known which ministries are affected and how much each of them will lose.
In terms of indicators, the Caged numbers will be released, predicting the creation of 147,000 jobs, as well as IGP-M inflation data and producer prices.
Download a list of 10 Small Cap stocks that, according to experts, have growth potential for the coming months and years.
International MarketsAt 7:45 am, NY futures were trading higher: Dow, +0.17%; S&P500, +0.19%; and Nasdaq, +0.19%. In Europe, the Stoxx600 is up 0.40%, and in Asia, the Japanese stock market rose 0.15% and the Shanghai stock market fell 0.43%..
Meanwhile, WTI oil is trading at $75.68, down 0.17%, and Brent oil is down 0.20% at $79.62.Iron ore traded on the Dalian exchange fell by 2.77% to 756.00 yuan, equivalent to $104.25.
Mini ContractsMini-index contracts (WINQ24), expiring in August, closed the last session in the negative, registering a decrease of 0.34%, at 127,795 points. Thus, we can point out supports at 127,475/127,370 (1), 127,120/126,870 (2) and 126,500/126,185 (3).
Meanwhile, resistances are found at 128,000/128,375 (1), 128,500/129,000 (2) and 129,355 (3).
For today’s trading session, Tuesday, traders should pay attention to the possible buying resumption of the mini-index.
To do so, it will be necessary to overcome the resistance range at 128,000/128,375 points. If this happens, the asset is likely to intensify the buying pressure to seek a bullish sequence.
However, caution is advised, as it fell in the last session and could continue lower if it breaks the support range at 127,475/127,370 points.Mini-dollar contracts (WDOQ24), expiring in August, closed the last session in the negative, registering a decrease of 0.93%, at 5,616 points.
Thus, we can point out supports at 5,613/5,602 (1), 5,590/5,564 (2) and 5,540 (3). Meanwhile, resistances are found at 5,623/5,633 (1), 5,638/6,655 (2) and 5,676 (3).
Based on the 15-minute chart, it is possible to note that mini-dollar contracts closed lower in the last session and have the potential to continue.
For this to happen, it will be necessary to break the support range at 5,613/5,602 points. To resume the upward movement, it will be necessary to break the resistance range at 5,623/5,633 points.
Check out the main support and resistance points for mini-dollar and index contracts for this Tuesday.Find more content on technical analysis at IM Trader.
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