The Ibex manages to move up 1.28% despite the falls of Grifols, Melia and Inditex

The Ibex (+ 1.28%) and the rest of the European stock markets have rebounded this Wednesday after the sharp falls of the last session amid the crisis that the oil market is experiencing. However, the Spanish selective has reduced the increases at various times, pressured, among other titles, by Grifols (-3%), Melia (-1.9%) and Inditex (-1.4%).

Crude is trying to recover at this time, with Brent at $ 20 and West Texas futures for June advancing 23%. The situation, however, remains very complicated and volatility is at exorbitant levels. Investors are relying today on the new batch of aid announced by the United States to hold on to the green numbers.

The US Senate has approved a $ 484 billion relief program - $ 360 billion set to go to the Check Protection Program, while $ 60 billion will go to loans to small businesses. The funds will also be spent on hospitals and on Covid-19 tests. The package could be approved this Thursday. "If the plans are approved, they should help the economy," says David Madden, an analyst at CMC Markets in London.

West Texas June futures are now up 8% ($ 20.27) after sinking 40% yesterday. Brent futures are recovering and approaching $ 20. Concern continues about the insurmountable imbalance between supply and weak demand. The OPEC + held an unscheduled conference call overnight, did not taken any action. "They had better hurry, as US oil is about to resemble the candle industry when Edison invented the light bulb," said an ironic Stephen Innes, analyst at AxiCorp. Meanwhile, Donald Trump has again insisted that he will help the American oil companies financially.

The oil debacle has spread to the metals market. Copper, silver, palladium and platinum accumulate great losses. "There is a feeling that the demand for all natural resources will be pressured in the coming months. At the end of 2015 there was a drop in basic products, and that aroused the fear of deflation. Given what is being seen in the raw materials these days, we might hear the word deflation again, "Madden says.

As for the aspect of the Ibex, it is suffering in recent days from the weakness of the banks. Santander has been marking new annual lows in closing prices for several days, and it can already be said that it has clearly pulverized the lows for March. The next support, which also has it around the corner, is at the 2009 lows at 1.77 euros. The European banking index, the EuroStoxx Banks, is about to mark new all-time lows as well. However, the Spanish selective is before the first of the supports, the last bullish gap of 6,580 points.

Regarding other keys of the day, today results are still being published. Heineken has announced that it is canceling its dividend after earning 68% less in the first quarter. Tomorrow it will release Bankinter figures.

TECHNICAL ANALYSIS

"Wednesday's session has been uneventful, although at least it seems that the Ibex does not want to close the bullish gap (support) of 6,580 points. Given that it has not closed below all we can say is that the gap it has been filled almost entirely ", explains José María Rodríguez, technical analyst at Bolsamania

"But it has not closed and therefore we continue without having any sign of confirmed weakness. Although timidly, the truth is that we still continue to have increasing minimums and maximums," he added.

"And so it does not fall. Now, we are much closer to supports than resistances, which means that at the slightest setback, the technical aspect of our market can be complicated again," concludes the expert.