The Ibex deflates and closes the week with a rise of 0.88%

Despite having managed to surpass the 9,800 points widely, the Ibex 35 has begun to reduce its profits towards the end of the session until closing with a rise of 0.21%, at 9,767 points. During the week, the Ibex has barely risen 0.88%.

Endesa ends this session as the most bullish value, rising 2.52% after the JP Morgan experts have improved their vision of the company due to "its strength in generation and supply", which has increased its target price 2.5%.

The next most bullish values ​​were Acciona (+ 1.77%) and Iberdrola (+ 1.62%). The president of Iberdrola, Ignacio Sánchez Galán, has declared at the general meeting of shareholders that the power company expects a 2018 of record figures in its results and dividend.

Also in green, IAG (+ 0.54%), which has risen more than 2% in this session after announcing on Thursday that it had taken a 4.61% stake in the Norwegian airline and that it is interested in launching an opa.

In red, Inditex (-2.5%) has led the falls and closes the week with a cumulative fall of more than 5%. The losses of Banco Sabadell (-2.13%) and Técnicas Reunidas (-1.39%) also stand out.

In the Continuous Market, Amper has been another of the values ​​that, after marking strong gains, has been deflated to close with a fall of 2.5%. This Thursday, the company announced that in 2020 it expects to win 50 times more and rose 27%, and this Friday had started with increases of 7%.

As for the European indices, all of them have been reducing gains towards the end of the session, until closing with slight increases (Dax 30: + 0.19%, Footsie 100: + 0.01%, Cac 40: +0, 04%).

DONALD TRUMP MOVES STOCKS

If something has characterized the week that ends today is that Donald Trump has been the undisputed protagonist and that he has gone from a problem (created by him) to another problem (also created by him). The markets have gone from being aware of the trade crisis between the United States and China to be very attentive to the tension between the United States and Russia in the wake of the situation in Syria. The geopolitical concerns are now the first thing but, for the time being, their impact on the stock markets is being contained.

"Despite the continued volatility that has dominated the markets in recent months, it looks like we could be ready to close another positive week in European markets after yesterday's green session and another major rebound in the United States." says Michael Hewson, chief analyst at CMC Markets in London. "This would be the third consecutive week in which we managed to finish positive in Europe and suggest that, in spite of concerns about an escalation of trade tensions or the possible outbreak of hostilities in the Middle East, the ground could already have been seen in the stock markets, "he adds.

Hewson admits that it would be "naive" to think that the threat of an escalation of geopolitical factors has passed, but believes that markets, in the short term, could choose to continue rising. This would happen, particularly, if US profits (this Friday published JP Morgan, Citi and Wells Fargo) are above expectations, adds this analyst.

On the other hand, the European stock exchanges were boosted this Thursday by the latest minutes of the European Central Bank (ECB), whose content pressured the euro to the downside by pointing to a continuation of the stimulus if necessary. The pound also benefited from the fall of the euro reaching a maximum of nine months.

Finally, investors are still waiting for oil, which exceeds $ 72 this Friday. In the week, and in the midst of geopolitical tensions, oil has risen 7%.

As for other references of the day, this Friday will see if Moody's follows Fitch and S & P (everything indicates that it will do so) and raises the rating of Spain. Regarding the macroeconomic data of the day, the CPI of Germany in March rebounds two tenths, up to 1.6%. In Spain, inflation increases one tenth in March due to the rise in the price on the shopping list.

TECHNICAL ANALYSIS

José María Rodríguez, technical analyst of 'Bolsamanía' explains that, after this session, the Ibex confirms that it can’t move past the resistance of 9,800-9,810 points despite having overcome it. "The Ibex has turned around because all the major European indexes have turned around after touching important resistance with their fingers," he explains. And it is that the futures of the Dax and the Euro Stoxx 50 have not been able to resist the 12,500 and 3,380 points, respectively, after a rise of 7% from the minimum of Holy Week.

"Therefore, it can be said that the downward turn fits perfectly within the normal, the probable," he says. In addition, he points out that "the candles that we leave behind" suggest "short-term corrections for all European exchanges". In fact, the analyst of 'Bolsamanía' believes that "we do not rule out that the resistance put to the test with greater success will be attacked again". But, in turn, it is not ruled out that the Ibex can look for the support area of ​​the 9,550 points, "where it presents a bearish hole that has not been filled, even partially." In addition to this, the expert refers to the significant levels of 'overbought' daily, not weekly (where they are heavily oversold).

In conclusion, Rodriguez believes it is a short-term correction to then try to attack again the resistances of today's highs. "What we can not drill at any time and under no circumstances are the annual minimums.Any potential recovery in terms of medium term happens to respect them yes or yes," he concludes.