The Ibex moves away from the key resistance due to the energy and banking sectors

The Ibex could not manage to go over the 9,410 points and has continued to move away from this key resistance today, in fact it has also lost the 9,300 points it closed last week. On Monday the European stocks have been dyed red (Ibex: -0.54%, 9.294, Cac: -0.08%, Dax: -0.2%, Ftse 100: -0.05%, Ftse Mib: - 0.04%) amid tensions between Iran and the United States, which continue to worry the market. While the Athens stock market has dropped 1.8% despite the expected triumph of the Conservatives in Greece. In Spain, the electrical sector has been the great ballast this session. All of the companies have fallen, starting with Enagás (-4.8%), amidst the tension caused by the regulatory novelties of the CNMC, together with the banking sector. Five Ibex entities fell over 1%.

Iran announced on Sunday that it will increase its uranium enrichment "in a few hours" beyond the limit set in the 2015 nuclear agreement, a measure that could culminate with the return of all international sanctions against Tehran.

"As we announced, Iran will increase its level of uranium enrichment as of today," Iran's deputy foreign minister Abbas Araghchi told a conference in Tehran. And he assured that this step does not violate the Comprehensive Plan of Joint Action (PIAC), the nuclear agreement signed in 2015, because the United States abandoned it last year unilaterally.

However, this decision will bring a greater tension in the already difficult relations with the US that, with its policy of "maximum pressure", tries to force the Islamic Republic to sign an even more restrictive pact.

Asia has fallen hard this morning de to Iran's news. The experts also explain that the good employment data in the US on Friday distances the possibilities of a rate cut and that penalizes the stock markets.

The other issue of the day is the result of the elections in Greece this Sunday that have given the victory, by an absolute majority, to the Conservatives. This result was expected and ends, politically speaking, with a convulsive period and financial rescues in the country. However, the Athens stock market fell on Monday 1%.

DEUTSCHE BANK, ENAGÁS, IAG ...

At the business level, Deutsche Bank has been the clear protagonist after announcing a "radical transformation" that includes the dismissal of 18,000 employees by 2022 through a significant reduction in its investment banking. In relation to these changes, the Board of Directors intends to recommend that no dividend be paid for the years 2019 and 2020. The entity has fallen 5.3% on the stock exchange on Monday.

Enagás has once again stood out due to the strong falls it has registered, in fact it has led the declines of the Spanish selective. The company has fallen 4.8%. The analysts explain that the memo on remuneration in the electricity and gas sectors that the CNMC published last week especially affects it in a negative way. In three sessions, the company has dropped 16% on the stock market.

The banking sector has not closed a good day either. Sabadell, Caixabank and Bankia have lost more than 2.5%. BBVA and Bankinter more than 1% and Santander has lost 0.8%. For its part, IAG (-1.7%) reported Monday that it faces a fine of 183 million pounds in the United Kingdom over a data breach at British Airways that took place in 2018. The company has said that it will present the necessary appeals to avoid having to face this sanction.

TECHNICAL ANALYSIS

After the upward and downward movements of the last sessions around what was the resistance zone of 9,335 points, "we can affirm that this level does not mean anything anymore" explains Bolsamanía analyst, José María Rodríguez. "But the resistance that we said was key: the weekly bearish hole of 9,410 points, 'bearish' gap that was filled last week but has not been closed, or what is the same thing canceled."

Therefore, adds the expert, "we insist on what we have been discussing" in recent weeks. "To be able to say that something is changing in our selective we will demand that, at least, at the weekly close the close of the bearish hole at the beginning of May".

Now "we must look down and monitor that we do not miss the support we have in the 9,200 points: Monday's bullish gap last week, which in turn coincides with a small support line that joins the latest lows," he explains.

Therefore and by way of summary, "it can be said that the control areas in our Ibex in the short term are at 9,200 points below and 9,410 points above".

And meanwhile, we can only wait for the price to break one way or the other, he concludes.