The Ibex rebounds 0.18% and looks towards the resistance of 9,335 points

The remaining stocks in the Old Continent have also closed the session in green, with outstanding rises of 0.85% in the FTSE. Europe is the protagonist these days because of the debates to select the next top chiefs of the Union. The meeting was adjourned yesterday until today, when European leaders resumed negotiations to designate who will occupy the highest positions in Europe. The debate continues to focus on the main Dutch socialist candidate, Frans Timmermans, for the presidency of the European Commission (EC).

In addition, also in Europe, the parliamentary groups of the European Parliament have been constituted today, but it will not be until tomorrow when the president is voted due to the blockade in the negotiations for the distribution of the main positions.

THE ENERGY SECTOR GIVES THE IBEX A BOOST

The energy companies have pulled the Ibex upright. Enagás led the gains with a rise of 2.59%, followed by Endesa and Iberdrola, which added 2.02% and 1.67%, respectively. In addition, Red Eléctrica (+ 1.64%), Naturgy (+ 1.57%) and Acciona (+ 1.41%) have completed the table of the six best values.

Yesterday, Ence was the most bullish company after popular support for its factory in Pontevedra. However, volatility is common in this company's quotation and today it has been the most punished value of the Ibex with a decrease of 4.43%.

In red, we must also highlight BBVA, which has dropped 0.87%. During the morning it has been known that the National Court has cited to declare as investigated nine former senior officials, among which are Angel Cano, former CEO of the entity, and Julio Corrochano, former Chief of Security of the bank.

Another point of attention in today's session is oil. The barrel of Brent yields 3% at the close of the Spanish market, after members of the Organization of the Petroleum Exporting Countries (OPEC) agreed yesterday to extend the period of production cuts by another nine months. The agreement is subject to approval by large producers who do not belong to the organization and which will foreseeably occur today.

TECHNICAL ANALYSIS

"Tuesday's movement of our selective was interesting, especially after filling in almost all of the bullish gap of this Monday (9,199) it closed in green numbers, thus placing itself at the doors of the resistance of 9,335 points," says José María Rodríguez, analyst at Bolsamanía.

"In theory, above this horizontal resistance there are open doors to the possibility that the price is trying to build a back figure of an inversted 'head and shoulders' with the objective of a rise (theoretical minimum) above the annual highs: 9,588 points, although we should not forget the resistance we have in the weekly bearish gap of 9,410 points, which must be closed at a closing price on Friday, "he adds.

"In any case, we are going to see how the Ibex reacts to this resistance on Wednesday, and if we manage to leave it behind at the end of the session and with a certain filter. If this happens we will begin to think that something is starting to change for good, finally, in our index, "he says.

"As for the European stock exchanges, which are quoted at annual highs, lets add that the trend remains impeccably bullish, and this will continue to be the case as long as prices respect the bullish hollows on Monday," the analyst concludes.