The Ibex is looking towards the 9,600 points after yesterday it managed to close above the 9,500. The selective has risen 0.33% to 9,580 points and already accumulates three positive sessions. The Turkish crisis gives world markets a break, but has not yet been completed, so analysts call for caution.
- 11.656,600
- 0,39%
In fact, BBVA, the most exposed value to Turkey of the Ibex, has risen strongly, by 1%, after accumulating falls of 8% in the last sessions. 15% of the company's total revenues come from the Ottoman country. However, the technical analysis shattered hopes and dreams since it is merely a rebound.
However, ACS has been the best value of the Ibex, with a rise of 2.34%. Técnicas Reunidas has followed it on the table thanks to a 2% advance. Acciona, for its part, has led throughout the day the increases, but finally has risen 1.8% after receiving a positive recommendation and an improvement of 13% target price by Citi.
On the side of the rises, we must highlight Inditex. The textile company has risen 1.57% to 28.4 euros. However, another heavyweight of the Ibex that has fallen strongly this Tuesday is Banco Santander, which has dropped 1.08%. Iberdrola has also closed in red, although in this case, the fall was only 0.18%. On the other hand, Telefónica closed almost flat, with a drop of 0.01%.
But CIE Automotive has been the value that has registered the highest fall, over 3%. The company has accumulated a fall of 18% since it joined the Ibex two months ago, but in the annual accumulated, CIE is still positive (+ 15%), but has already lost the first place. In the lower part of the table Mediaset, which has fallen 1.41%. In the main board, Audax Renovables has risen strongly, more than 10%.
OTHER MARKETS
The mixed sign has been imposed on the other stock exchanges of the Old Continent. Only the German DAX 30 closed with a slight drop of 0.01%. On the other hand, the French CAC 40 has gone up by 0.25% and the FTSE 100 of London, by 0.14%. On the other side of the Atlantic, Wall Street was trading with a mixed sign at the time of the European close.
The New York Stock Exchange celebrates on Wednesday the longest bull market in its history, which began on March 9, 2009 and has exceeded the previous mark of 3,542 days. "Prepare champagne for American stocks," Bank of America Merrill Lynch chief investment officer Michael Hartnett said a few sessions ago. However, the antecedents do not predict a good future for the index after this upward streak: previous records gave way to the 'crash' of 29 and the bursting of the 'dotcom' bubble.
On the other hand, the president of the United States is in a bind. His former lawyer, Michael Cohen, who pleaded guilty in New York court on Tuesday for violating the financing laws of the 2016 election campaign, has threatened to reveal information about possible Russian interference in the election.
As if this were not enough, Paul Manafort, who was the head of the election campaign of US President Donald Trump, has been found guilty of eight of the 18 charges of bank and tax fraud for which he was accused.
In the raw material market, oil is advancing on Wednesday, driven by a drop in US crude inventories. All in all, the 'black gold' also continues to be affected by US sanctions on Iran's exports that hold the raw materials market in suspense.
The barrel of West Texas, reference in the US, rises 2.25% to 67.32 dollars. For its part, the barrel of Brent, reference in Europe, rebounds 1.93% to 74.06 dollars
As for the lira and other currencies of emerging countries, they also seek to recover from the greater fragility of the dollar. With the Turkish markets closed for holidays, the Ottoman currency remains weaker than after its recovery a week ago, but has significantly reduced its volatility. Since Monday he has embarked on a lateral consolidation movement around 6.00 per dollar. On the other hand, the euro rose 0.19% to $ 1.1592.
TECHNICAL ANALYSIS
"Little by little and without making a lot of noise we already have the Ibex in the 9,600 points, putting distance between the important support that presents in the annual minimums (9,327) and with a rise that approaches 3% from the minimum of last week ", explains José María Rodríguez, technical analyst at Bolsamanía.
Technically we are at levels of resistance, in the area of the 9,600 points, the last of the bearish gaps. And above this we have another larger one at 9.750 points. Given the stochastic moment oscillator, we can think that it is still within the margin for the rebound to have continuity. Which means that despite the latest climbs everything fits into what would be a simple rebound. But I also remind you that "only the passage of time will tell us if what today is a simple rebound ends up being something more than it is, because we always know how things start but not how they end," the analyst points out. And it is that I can say that the worst has already happened and that therefore we can be building a potential figure back we need the index to jump strongly over 10,000 points. Something that is not really that far either.
Meanwhile, we are referring to the lows of last week in the Ibex and in Europe. "It key to respect these minimums, since any potential recovery for the next weeks / months to respect them at all times: the 9.327 points of the Ibex 35, the 12,086 points of the future of the Dax and the 3,330 points of the future of the Euro Stoxx 50 "he concludes.
