The Ibex increases a 0.91%, boosted by the recovery of Inditex

The textile giant has closed at 27.33 euros, a 25% below its historical highs. “It’s true that we don’t dismiss a rebound on the short term, the corrective phase in the textile giant is still following its course”, warns José María Rodríguez, technical analyst of Bolsamanía.

Indra (+4.1%) has led the earnings this session, followed by Siemens Gamesa (+3.3%) and Acerinox (2.9%). The steel company is still benefiting from the steel war between the US and China and went up a 5.5% this past Monday.

On the other hand, Viscofan (-1.85%), Red Eléctrica (-0.9%) y Enagás (-0.73%) have been the main characters for the falls. Red Eléctrica has suffered in the stocks after the price target cut that Deutsche bank rated, they have also downgraded from buy to hold. Enagás on the other hand has presented their results on Tuesday. In 2017 the company earned 490.8m a 17.6% more than the previous year.

EUROPE, CURRENCIES AND COMMODITIES

After Wall Street’s bank holiday on Monday, the European stocks have closed in green with rises over 0.5% and the Ibex has led the earnings. Only the Footsie 100 lists red with falls of 0.1%. On the other hand, there are mixed earnings in the New York stock with the Dow Jones losing a 0.4%.

In other markets, the euro is trading at 1.2329 dollars (-0.64%). As for petrol there are mixed earnings right now. The Brent barril lists falls of 0.182% (65.13 dollars) while the West Texas goes up a 0.26% (61.84 dollars).

In macro, the production prices in Germany have gone up more than expected in January 2.1%, while the German February ZEW is at 92.3, under the expected. The economic sentiment is at 17.8 versus the 16.0 estimated. Also Luis de Guindos is the main character today, he has proclaimed himself winner of the race to the vice presidency of the ECB. The minister for Economy and Competitivity has declared that “Spain has recovered its standing”.

TECHNICAL ANALYSIS

According to José María Rodríguez, technical analyst of Bolsamanía, over the resistance of 9,900 points, the Ibex will find the next one in the 9,988 points and over that the falling space of 10,211 points. “Even when the Ibex bounces back to 10,200, this would fit in a simple bounce that is proportionate to the important previous falls that forced the index to lose over 1,00 points in a week and a half”, points out Rodrígeuz. “If that bounce back is more than a bounce, only time will tell”, he highlights.

In his opinion, the Ibex has left the falls behind and it should respect the support of the two week lows at 9,580 points.