The Ibex exceeds resistances rising more than 1% and approaches the 9,800 points

The oil company has published on Tuesday the update of its Strategic Plan until 2020. Thus, it has been known that the company, among other things, will increase its annualized dividend by 8%. Consequently, the shareholder's remuneration in two years will reach the euro per share.

As a result, Repsol has been one of the most bullish companies this session. Only Acciona and Acerinox have overtaken him. The other 'blue chips' (or 'heavyweights') of the Ibex have also shown strong gains in general.

In fact, only three companies have finished this session in red. It is the supermarket chain DIA, Grifols and Viscofan.

In addition, NH Hotel Group makes the news after last night Minor announced a takeover to 6.40 euros. The offer will be launched in the month of September, date in which it plans to exceed 30% of the capital of the Spanish hotel group.

POLITICS AND MACROECONOMICS

In Spain, this Wednesday, the market was pending on Pedro Sánchez and the people that will make up his cabinet. The President of the Government has already transferred to King Felipe VI the names of the ministers who will form the central Executive. Among them, Magdalena Valerio will be in charge of directing the labour portfolio.

As for Italy, the European stock markets clearly deflated in the last part of the last day and this could have a lot to do with the speech of the Prime Minister, Guiseppe Conte, clearly anti-immigration. More and more voices are foreseeing a clear clash between the European Union (EU) and Italy, and this reality has investors worried.

As for other events this Wednesday, Peter Praet, chief economist of the European Central Bank (ECB), who has confirmed that next week (there is a meeting of rates on Thursday) will discuss the end of the QE.

In addition, the European Union has announced that it will impose tariffs on a series of products from the US (such as orange juice, whiskey or tobacco, among others) starting in July. This is the response of the EU bloc to the protectionism defended by US President Donald Trump, when he applied taxes country to steel and imported aluminum.

OTHER STOCKS

All in all, the Ibex's earnings have stood out on the closing of the other European stock exchanges. In fact, the French Cac 40 has finished the day in red, while the German Dax 30 has risen slightly and the Portuguese PSI20 has risen in value by 0.57%.

Wall Street shows moderate increases at the end of the Spanish stock market, after two days in which the Nasdaq has recorded new historical highs. And the Asian markets have finished the day of this Wednesday with slight increases.

TECHNICAL ANALYSIS

For José María Rodríguez, technical analyst of Bolsamanía, this Wednesday's session on the Ibex 35 was "interesting" since "the closing implies closing (cancel) the bearish gap on Tuesday of last week in the 9,765 points ".

"Even more so when the minimum of the day was marked at 9,654 points, after filling in almost all of the bullish gap with which we started the week (9,632). So, in summary, the bullish gap has acted as support and the bearish hollow (resistance) has been closed ", explains the expert.

However, Rodriguez warns that "this does not mean much less that the corrective phase started in mid-May has been left behind, but it is a first sign of strength to be highlighted and as they say ... on the one hand we will have to start. "

"What is evident is that to be able to talk about the end of the falls, or rather a potential return figure, we need the Ibex to leave behind the resistance that the last decreasing maximum gives, at 10,300 points. That it happens within the range of prices between the annual minimums (9,327) and 10,300 points will have no relevant technical implications, at least, we want to keep the fact that our index, in its last big fall (-9.5) %) has managed to stop the falls at levels slightly above the March minimum, or what is the same, at least we have a first growing maximum ", concludes the technical analyst.