The Ibex started the week with a drop of 0.76% to reach 9,437 points. The selective currently has two references to look towards. On the one hand, the resistance of the 9,650 integers and, on the other, the support of 9,360 points. The rest of European stocks have also ended in red, although with lower falls than the Ibex.
- 11.656,600
- 0,39%
In the business sector, only four securities closed the session in green (Ence, Acciona, Enagás and Endesa). On the side of losses, the most affected companies were Cellnex (-3.96%) and Banco Sabadell (-2.44%).
The third worst performing value was Aena (-2.09%) after a rating downgrade from RBC from 'neutral' to 'underweight'. In addition, it has cut the target price of the company's shares from 155 euros to 145 euros.
Fitch has lowered the credit rating of Red Eléctrica from 'A' to 'A-' with a 'stable' outlook. A decision that has been adopted after the purchase of Hispasat and the presentation of its strategic plan 2018-2022. The company's shares have fallen by 0.66% in the session.
STILL HOLDING OUT FOR BREXIT AND THE ECB
During this week, in which results will begin to be published, Brexit will remain the main political issue. The Prime Minister, Theresa May, is still looking for a plan to ensure a delay by the European Union (EU). We recall that there is a European summit on Wednesday and that, if a decision on the extension is not taken, the United Kingdom would leave the EU without a deal this Friday.
That same Wednesday there is also European Central Bank (ECB) and what Mario Draghi says will be key especially after the measures for the banks were announced in the last meeting and try to ensure that the smaller financial entities suffer a lesser impact of the negative rates.
Throughout the week we will also talk about the trade negotiations between the US and China, which seems to progress adequately. Donald Trump announced last week that, during the next four weeks, it will be known if there is an agreement between the two powers. On the other side of the Atlantic, the main news today is the resignation of Kirstjen Nielsen, National Security Secretary of the United States.
TECHNICAL ANALYSIS
"The red has clearly taken hold of the Ibex, although in reality it is something that was expected and that we have recently commented, and the reason is none other than the loss of momentum. The trend remains impeccably bullish, but nothing goes up without its corresponding phase of adjustment or reaction phase (either deploying a side or correcting in greater or lesser depth), "according to José María Rodríguez, analyst at Bolsamanía.
"Last week on Wednesday, we left a gap of 1% in the opening at 9,360 points, we warned of the possibility that this could be filled in the very short term, totally or partially. Now, let's see if the gap is filled or closed, if nothing is filled in here, nothing has happened, but if it closes (or what is the same thing is canceled) we will have a first sign of weakness in the very short term, "he added.
"That said, the base of the short term bullish channel, by definition support, passes at this moment by the 9,220 points and the high part of it we have in the 9,670 points. The daily overbought is very important, so let us be cautious about the shortest term, it is difficult to continue climbing positions if these readings are not relaxed before, "the analyst points out.
