The Ibex rises 1.5% after the return of trade optimism and good PMI

The 9,130 point support has worked

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Bolsamanía
Bolsamania | 04 dic, 2019 09:43 - Actualizado: 18:44
ep economiabolsa- ibex 35 cierrauna subida054 yconsolidaencimalos 9100 puntos
Eduardo Parra - Europa Press - Archivo

The Ibex has rebounded 1.48% on Wednesday, recovering part of the losses of 2.31% that had accumulated since December began. Both the selective and the rest of the main European indexes, which have also risen more than 1%, have been driven by some PMI services that have been, in general, better than expected thanks to the return of commercial optimism after several days of doubts and negative news.

IBEX 35
11.533,800
  • -0,72%-84,10
  • Max: 11.605,00
  • Min: 11.486,10
  • Volume: -
  • MM 200 : 11.143,04
13:00 27/11/24

In the previous days, the president of the United States, Donald Trump, has announced that he will once again impose tariffs on steel and aluminum in Argentina and Brazil, that he will impose fees on French products and that he may wait until after the elections - November 2020- to reach an agreement with China. This is concerning for the markets. However, today there is talk of an approach between the two powers, which would have reached a pact on the amount of tariffs that would be reduced in a 'first phase' trade agreement.

To all this we add the bad vibes seen at the summit of NATO, with Donald Trump and Emmanuel Macron giving a show in their joint appearance, which is not good, if we consider that one is the leader of the first world economic power and the other the president of the country that now leads - or aspires to lead - the European Union (EU). All these geopolitical ups and downs have investors dizzy and we will have to see to what extent they contribute to the Christmas rally, expected by many this year, not to succeed.

COMPANIES AND OTHER MARKETS

From the business point of view, today in Spain, Cellnex is once again the protagonist. The value, which will sign a very good 2019 on the stock exchange (it is the best title of the Spanish selective, with increases that are around 100% in the accumulated of the year), has announced the purchase of 1,500 towers to Orange Spain for 260 million euros . Cellnex has risen 0.57% after this news, although Ence (+ 3.87%) and ArcelorMittal (+ 3.72%) have led the Ibex today.

For its part, oil rises sharply at the close of the market in Europe. The Brent barrel picks up more than 4% and trades above $63 pending on what the OPEC decides at the end of the week. At the moment, one of its members, Iraq, has said that it is in favor of a greater reduction in production.

TECHNICAL ANALYSIS

"The Ibex recovers this Wednesday more than half of what was lost in the session on Monday. And it does so after attacking, unsuccessfully, the support of the 9,130 ​​points that we have referred to several times over the past few days "It respected the support and now it is time to rebound. Although in reality and despite the increases on Wednesday, the truth is that the technical aspect remains unchanged," said José María Rodríguez, analyst at Bolsamanía.

"I mean what we have repeated so many times is that" to the extent that 9,130 ​​points are not punctured, the bias of 'trading' in the worst case will be lateral. With the possibility, even, of heading towards the important resistance zone that it presents in the annual maximums (9,588). In this sense, the stochastic moment oscillator, which is close to oversold levels and seems to want to turn upwards, also points to more increases in our selective, "he adds.

"Now we have as resistance the 9,400, 9,500 and 9,588 points. Nothing new, because we have repeated in the last days at different times that the resistances that converge within the price range between 9,400 and 9,600 points, "concludes the expert.

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