• The next resistance is at 10,400 points, before the annual highs at 10,645
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After so much time trying to overcome it, the Ibex 35 ends this week over the resistance of 10,210 points. In this session it has risen 0.24%, and in the week it has accumulated an increase of 1.65%, its seventh consecutive week of earnings. Now, the selective looks towards its next resistance, in the 10,400 points, and from there to its annual highs, in the 10,645 points.

Acciona

  • 109,800€
  • 0,46%

Arcelormittal

  • 126,600p
  • 0,00%

Ferrovial

  • 28,920€
  • 0,28%

IBEX 35

  • 11.460,400
  • 0,22%

Metrovacesa

  • 8,990€
  • 1,47%

ArcelorMittal has led the gains in this session after presenting its quarterly results. The company closed with a rise of 2.5% after earning 1.2bn euros in the first quarter, 20% more compared to the same period of the previous year.

The second most bullish value was Cellnex (+ 2.2%), followed by ACS and Gas Natural (+ 1.3%). In contrast, Siemens Gamesa was the most bearish value of the session (-1.84%), followed by Acciona (-1.73%), which also presented its results this Friday, and Merlin Properties (-1.35 %).

Acciona increased its profits by 2.9% in the first quarter, to 61m euros. Also Metrovacesa (+ 0.82%) has presented its results, and recorded losses of 2.8m euros. In addition, the market followed closely the movements of Ferrovial (-0.83%), after announcing that it entered losses in the first three months of the year after provisioning 237m to cover possible losses in the United Kingdom.

In the main board, Duro Felguera (+ 3.55%), which has approved its refinancing, has been news, which is conditional on having at least 90% of the creditor bank support before next Monday. Also we highlight Sacyr, which led the gains in the main board(+ 6.92%) after the rise in the recommendation of Société Générale. At the other extreme, Talgo (-4.55%), after announcing that it gained 73% less in the first quarter.

MACROECONOMIC AGENDA

This Friday the date for the meeting between Donald Trump, US president, and Kim Jong-un, leader of North Korea is news. It will be on June 12 in Singapore. Much is expected from this summit, considered one of the great events of recent times.

Back in Europe, Italy is the main focus, where an agreement to form a 'populist' coalition government between the 'Northern League' and the '5 Star Movement' seems closer than ever. The euro strengthens above the $ 1.1900 before a scenario of greater political certainty in the country (although it passes through a government of radical bias) after Thursday left a maximum of two days at $ 1.1950 , aupado also by the decline of the dollar.

This Friday the IPC of April has been known in Spain, which drops by one tenth due to the reduction in tourist packages and gas.

TECHNICAL ANALYSIS

According to the technical analyst of 'Bolsamanía' José María Rodríguez, the Ibex has already accumulated a 10% increase since the end of March, but stresses that the most important thing is having overcome the 10,210 points resistance at weekly close. "This does not mean that we can not attend a correction in the coming days, because the 'overbought' daily throws extreme readings," says Rodriguez. Now, the selective one no longer has important resistances up to 10,400 points, where there is another bearish hole (daily), and above 10,650 points.

By values, the analyst highlights BBVA, which is already in "levels of resistance (before support) very important, 6.85-6.9 euros." For the expert, the "winner of the week" has been Repsol, which closes in weekly candles and with forcefulness above its previous historical highs (adjusted by dividends) at 16.05 euros. In addition, José María Rodríguez also points out the historical highs that this week have marked IAG, Amadeus and ACS.

On Telefonica, the analyst believes that it "seems to want to wake up after respecting the support of 8.25 euros and target at 8.6 euros."

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