The Ibex (+ 1.13%) closes near the highs of the day in a day marked by volatility
Bankia and Sabadell collapse and mark new historical lows
The Ibex (+ 1.13%) behaved very volatile this Wednesday. It has managed to close very close to the highs of the day thanks, among others, to the energy companies or Santander (+ 3.38%). However, the lifting of the short veto is still noticeable (yesterday the selective fell 2.5% affected by this decision) and other financial companies have not been so lucky. This is Bankia (-4,663) or Sabadell (-2.89%), which have fallen sharply and set new record lows. Experts acknowledge that it is "very tempting" to get short in the countries that are suffering the most from the crisis.
IBEX 35
11.750,200
-
0,80%93,60
- Max: 11.767,40
- Min: 11.679,60
- Volume: -
- MM 200 : 11.125,61
The minutes of the last meeting of the Federal Reserve (Fed) are published this Wednesday, in which investors will look for clues about what they can expect from monetary policy. In addition, the UK CPI for April was known (0.8% vs. 0.9% expected and 1.5% previously) and the CPI for the Euro Zone (weakened to 0.3% in April, at lows since 2016).
In Europe, preliminary consumer confidence will also be published in May. "It is probably too early to expect a rebound in consumer confidence, but it is one of the things we hope for in the coming months, especially now that we are seeing a gradual reopening of many countries," experts at Danske Bank said.
The latest positive stimuli in the markets, that came from hopes of a vaccine from the American company Moderna, have faded. An article in 'STAT News' explains that the Moderna phase I trial lacks sufficient evidence, casting doubt on the study.
In the UK, several Bank of England politicians, including Governor Bailey, will speak this afternoon. "We will look for signs of where the policy committee is moving in terms of reducing rates to negative territory," they add from Danske.
TECHNICAL ANALYSIS
"If you look at the daily chart of the Ibex we can see how it has been wedged for two months within a broad side that is gradually narrowing. With a support area at the lows of April and from where it has recently rebounded, at 6,420 points ", explains José María Rodríguez, technical analyst at Bolsamania.
"That is to say, any possibility that we will finally rise to the upside of said lateral happens because the minimums of last week are respected. And if we were to see the price jump above the resistance of 7,000 points, where the part passes higher than the resistance that joins the last declining maximums, an important signal of strength would be activated in our selective that can end up leading to the 8,000 points zone (50% adjustment of the violent previous fall) ", the expert ends.
