The week before Christmas ends with good feelings in the market and has resulted in a rise of 1.17%. The Ibex has closed this Friday at the maximum of the day (9,675 points) and, although its appearance is still weaker than that of the other European exchanges, the experts of Bolsamanía recognize that "at the minimum money enters the market". The selective has traded with moderate increases (+ 0.38%. 9,653 points). We remember that it has support at 9,468 points and resistance in the area of 9,750 points.
- 11.651,200
- -0,20%
Within the Ibex, the increases in Mapfre (2.97%) and Enagás (2.67%) and also the rises in Cellnex (2.16%) or Bankinter (1.38%) have stood out on Friday. On the negative side Ence, which has lost 3.58%.
The 'quadruple witch hour' (expiration of options and futures on both sides of the Atlantic) and macro data (especially in PCE and GDP in the United States) will mark the last day of the week. In addition, investors are pending on the United Kingdom, as the British Parliament votes on Friday the exit of the European Union on January 31, 2020, with a law that wants to prohibit the extension of the transition period beyond December 2020 and that opens the possibility of a Brexit without agreement in the event that a commercial agreement between both parties is not reached in the next twelve months.
In the United Kingdom, it is also news this Friday that Andrew Bailey has been appointed the new governor of the Bank of England to replace Mark Carney. The succession will become effective as of March 16, 2020.
As for the rest, the national politics also occupy a main space this Friday after the decision of the European Justice on Oriol Junqueras and his immunity as a MEP. The media agree that this fact hinders the investiture, which is increasingly presented as more complicated. Bankinter experts said this week that they expect pyrrhic increases for the Ibex this year due to the situation of political uncertainty in Spain ... and they are not the only ones.
At the business level, investors have been focused on Repsol (0.75%). 'La Informacion' has published that the National Court points to the firm in a secret piece for the works of Villarejo. On the other hand, PharmaMar stands as the best value in the Spanish market in the year after shooting 20% yesterday. Up 166% in 2019.
Finally not much to say about the US and China and not much good either. The Secretary of the Treasury of the United States, Steven Mnuchin, said Thursday that the United States and China would sign their so-called phase one trade agreement in early January after technical problems.
TECHNICAL ANALYSIS
"The volume in this Friday's session has been quite high, but the reason is none other than that of the great expiration we have had this afternoon: the four-hour witch hour. Otherwise everything remains the same. Instead of correcting the latest increases With falls, what we are doing is deploying a wide lateral movement, consuming time, "explains José María Rodríguez, technical analyst at Bolsamania.
"This doesn't mean that there isn't still the possibility that we will correct in the very short term towards the support area of 9,500 points, 50% of the bullish hole left just a week ago," he says.
"The sensations are still good, whether or not there is a short-term correction. After all, the price is still comfortably embedded within the bullish channel through which the price has been shifting since August. So that the basis of the channel, by definition support, now goes through 9,250 points and the top of it for 9,880-9,900 points, "concludes the expert.
