The Ibex fails to regain the 9,300 points despite closing in green

The Ibex 35 has not been able to reconquer the 9,300 points despite having closed in green. The selective has only risen 0.14% to 9,284 points, although early in the session it has reached the resistance of 9,300 points. The selective, therefore, at the moment is fulfilling what 'Bolsamanía' experts expected: small rebound up to 9,300 after the strong falls to then continue to fall down to 9,000.

Back to the values ​​of the Ibex, Repsol has led the advances of the selective, with a rise of 2% that makes it get even closer to its historical highs. Now, the oil company is trading at 16.7 euros nearing the 17.27 euro highs. Repsol has risen thanks to an avalanche of positive recommendations. The Berenberg experts start their coverage with 'buy' and JP Morgan and Barclays improve it to 'overweight'.

Along with Repsol in the upper part of the table we also found Amadeus, which rose by 1.49%, and Naturgy, with an advance of 1.02%. BBVA also rose 0.19%, which stands out from Banco Santander, which has closed in red with a fall of 0.29%. Although Inditex takes center stage this Tuesday, since the textile company rises of 0.04% as it waits for its results of its fiscal second quarter.

Kepler has updated its forecasts on Inmobiliaria Colonial after finalizing its merger with Axiare. The firm gives it a target price of 10.4 euros. This Tuesday it closed with a rise of 0.32% to 9.5 euros. Kepler has also made a favorable report to Aena, since it sees buying opportunity in the value, but the company has fallen 0.82%.

On the other hand, Mediaset has been the red lantern of the session. The television company has fallen by 7.45% and loses almost all the progress recorded on Monday, when it closed with a rise of 9.8%. Mediaset rose by 20% due to rumors of a possible takeover by the Italian parent company of the 48% that the group does not control in Spain, but they were finally denied.

ArcelorMittal has also fallen strongly (-2.06%). The steel company on Monday improved its offer for India Essar Steel, which is according to the company "a substantial increase" from its previous proposal.

OTHER MARKETS

The rest of the markets of the Old Continent have closed with a mixed sign. The CAC 40 of France has risen 0.23%, while the FTSE 100 of London and the German DAX 30 have dropped 0.18% each. On the other hand, Wall Street recorded moderate falls of 0.3% while the market is still pending latent commercial conflicts in different parts of the world, focusing especially on the role played by the United States and China.

As highlights of the day, we must underline the words of Michel Barnier, chief negotiator of the European Union for Brexit, who said that it is possible to reach an agreement within a maximum period of eight weeks. The pound has reacted upwards after these words.

"On a quiet day as far as data is concerned, the markets focus on political events, such as the Brexit negotiations, especially after Barnier's words," the experts at Danske Bank point out.

Another relevant aspect of the day is the Eastern Economic Forum, which begins on Tuesday in Russia. Chinese President Xi Jinping will meet with Vladimir Putin in Vladivostok, where they could discuss North Korea, among other issues. On Monday, Putin met with Japanese Shinzo Abe.

In Spain the Diada is celebrated this Tuesday and it could stir the atmosphere in Catalonia, all there is to do is assess how the political crisis could worsen again.

Regarding the macro references, unemployment in the United Kingdom in July remains at 4%, its lowest level since 1975. On the other hand, the economic sentiment of the Euro Zone in September improves compared to what was expected.

TECHNICAL ANALYSIS

José María Rodríguez, technical analyst at Bolsamanía, points out that everything remains exactly the same in the Ibex despite the shy bounce from the lows of last week. This movement continues to fit within what would be a simple and typical 'pull back' towards the resistance zone, before support, of the 9,300-9,330 points. "But we must know that even if it were the case that our selective exceeded in closing prices 9,330 points nothing would change significantly," says the analyst. After all, the maximum and minimum decreases of recent months are impeccable and this is the simplest definition of what is a bearish trend.

What the price has to do is place itself above the last decreasing maximum (9,671). That is, increase in value over 4% from current levels, "which seems more than difficult," he says. And more when we have the Brazilian real at the gates of marking a new historical minimum against the 'greenback'. Currently the minimums are at 4.2476 reais / dollar. "And we already know the impact this can have on Santander and Telefónica, mainly", highlights José María Rodríguez. Meanwhile, we have Telefónica struggling not to fall through the support that it presents in the Brexit 2016 lows, the 6.66 euros.