- The Mexican Stock Market falls to lows of almost a week at 51,184.93.
- The Dollar reaches highs not seen since November 6 at 20.58.
- Industrias Peñoles falls 3.72% today.
The Mexican Stock Market registers losses for the third consecutive session, Peñoles falls 3.72%
The Price and Quotations Index of the Mexican Stock Exchange reacted downwards in a short-term resistance given by the maximum of November 7 at 52,594. We see the next key resistance zone at 54.343, the August 16 high, close to the 78.6% Fibonacci retracement. On the downside, the key support level is at 49,486, the pivot point of November 6.
Industrias Peñoles, Orbia Advance and GCC lead the losses on Tuesday
Orbia Advance (ORBIA) shares registered a loss of 2.83% today, trading at 18.23 Mexican pesos, reaching the lows of November 7 at 18.05mxn. In the same vein, the values of GCC SAB (GCC) fall for the second consecutive session, visiting two-day lows at 180.01 Mexican pesos.
On the other hand, the leading company in the mining sector, Industrias Peñoles (PEN&OLES), has been affected in the last four sessions, registering a daily loss of 3.32% and reaching lows not seen since October 18 at 287.20 Mexican pesos . Peñoles securities have formed a bearish shoulder-head-shoulder technical pattern in the short term, establishing key resistance at 324.43 Mexican pesos, given by the October 31 high. On the downside, we see important support at 281.92, the pivot point of October 18.
Peñoles two-hour chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
