The Ibex 35 has risen 0.49%, to 9,181.10 points, and has been at the gates of its annual highs in closing prices (9,185 marked on January 25). The selectivealso continues advancing towards the level of key resistance that it has in the 9,260 - 9,300 points supported, among others, by Iberdrola, that today has presented some record figures and has marked historical highs after advancing 1,3%, up to 7, 32 euros.
- 11.473,900
- 0,33%
The power company chaired by Ignacio Galánganó earned more than 3bn euros in 2018 and its shares cannot be more bullish in all terms. In addition to Iberdrola, Técnicas Reunidas (+ 3.2%), CIE Automotive (+ 2.5%) and Mediaset España (+ 2.5%) have risen strongly.
Among the major securities, Santander (+ 1%), BBVA (+ 0.8%) and Telefónica (+ 0.7%), which presents results this Thursday, together with Repsol (+ 0.7%) and Endesa (+ 0.7%), have also boosted the Spanish index.
In negative, Red Eléctrica has fallen by 2% after posting a profit in 2018 of 704.6m, 5.2% higher than in 2017. The electricity system manager published on Tuesday, after the market close, a Strategic Plan in which it announced investments worth 6bn euros until 2022, a strategy that however has not thrilled the market. In addition, ACS (-1.2%) and Inditex (-1%) were the main burdens of the Ibex.
In the Continuous Market, the strong gains of Vocento (+ 10%) have been highlighted. In the United Kingdom, Sainsbury's has been the protagonist, which has plummeted by 14% after the country's competition authorities questioned its merger with Asda.
POLICY AND MORE REFERENCES
At a political level, the slamming of citizens to any pact with the PSOE and Pedro Sanchez throws a jug of cold water on the expectations that in Moncloa a center government will be installed after the April elections. In fact, analysts predict a long period of negotiations.
On this day, the most important macro reference will be the minutes of the last meeting of the Federal Reserve (Fed). Experts believe it will be interesting to see the different positions within the central bank on new rate hikes now that the agency has decided to be more patient. In addition, it will also be interesting to see what it have to say about the reduction of the balance.
Finally, note that investors are still waiting for news from the talks between China and the United States. Negotiators from both sides began a new round of meetings on Tuesday. A new meeting is expected at the highest level this week in an attempt to reach an agreement before March 1.
As for Brexit, the UK's Prime Minister, Theresa May, is visiting Brussels today to meet again with the president of the European Commission, Jean-Claude Juncker. The meeting is part of May's attempts to renegotiate Brexit with the block less than 38 days after the country leaves the European Union. It should be noted that three MPs of the Tory party announced their departure to the Independent Group.
TECHNICAL ANALYSIS OF THE IBEX 35
"There are three consecutive sessions in which the Ibex is taking small 'steps', thus approaching the important resistance area of 9,260 points, but be careful, because we are going to arrive with significant overbought levels, which in itself it implies a certain tiredeness in the rises, "says José María Rodríguez, an analyst at Bolsamanía.
"Although, as we always say, what really matters is the price and only the price, and if we are able to close on a Friday (for that of the weekly candle) above 9,300 points, we will overcome the resistance that is Another thing is that in the end the minimum theoretical projection of the potential 'head and shoulders' upside down is met: 10,000-10,200 points, "adds this expert.
"This objective can take a long time, it does not have to be immediate, in fact, the potential training back is taking about four months, which gives us an idea that the theoretical objective may take time to reach. Let's not get ahead of the events because the most important thing is still missing: to break the resistance with strength ", concludes Rodríguez.
