Ibex 35 (+ 0.46%) closes its seventh day in green over 9,400

Speaking of the Ibex, Grifols (+ 2.83%) and Cellnex (+ 2.67%) close as the most bullish figures with increases of more than 2%. On the other hand, increases of 1.12% for Telefónica after Berenberg's experts cut its target price from 11 euros to 9.2 euros, although it still sees potential from the operator.

On the other hand, losses of 1.46% for Mediaset and 1.03% for Endesa, which end up as the worst values ​​of the Ibex. Slight losses also for Inditex (-0.19%) and for BBVA (-0.31%).

Day of moderate increases in the stock markets of the Old Continent in spite of the lastest tensions in the commercial war between the United States and China.

TRADE WAR

Donald Trump has confirmed that he will impose tariffs of 10% on Chinese imports worth 200 billion dollars on September 24. Soon after, China has reacted and announced that it will impose tariffs on American goods worth 60 billion dollars. The market, however, is beginning to be more or less immune to commercial warfare and moves in tune with other news.

In the macro field, Mario Draghi spoke on Tuesday. The president of the European Central Bank (ECB) has defended European banking supervision to promote banking integration.

TECHNICAL ANALYSIS

According to Jose Maria Rodriguez, technical analyst of 'Bolsamanía', this seventh day in green leaves the Ibex at the gates of resistance of 9,460-9,480 points. "This level coincides with the level of adjustment of 61.8% of the previous fall, coinciding also with the straight resistance that unites the last decreasing maximums", explains the expert. And he adds that, over this resistance, with ease and at closing prices, "we will not rule out returning to the origin of the movement, in the 9,671 points, the highs of the end of August".

In spite of everything, the analyst qualifies that the Ibex still can not be said to be bullish beyond the last punctual rebounds that always occur after a bearish lash. "Or, at least, it is not possible to consider if the worst of the correction has been seen until we overcome the important resistance we have in the last decreasing maximum, in 9,671 points," he adds. Until then, "we can not ignore the decreasing maximums and minimums that we continue to have in our selective".

"There is no such thing as a return figure as such, unless we are facing a 'V' turn," says José María Rodríguez. The expert explains that it is a "figure of return that is produced without any recognizable pattern as it develops and where prices bounce with the same speed with which they fall in."