The Ibex is attacking the resistance of 9,700 points. The overcoming of this price level is key so that we end up seeing an extension of the increases up to the level of 10,000 points.
There are numerous values of Ibex that have managed to overcome resistance as is the case of Ferrovial or Cellnex that are listed in historical highs. However, there are companies with a lot of weight in the selective Spanish that are ballasting the evolution of the Spanish index. This is the case of Telefónica, Santander and BBVA that have taken the Ibex 35 to the support it presents in the vicinity of 9,500 points. The selective has reacted well for these prices and it is very likely that we can end up seeing the formation of a throw back, a figure of bullish continuation and all despite the fact that it does not accompany the technical evolution of Telefónica, Santander and BBVA.
Telefonica The year has started leaving the support of 6.20 euros. At the end of last year the value already showed signs of weakness when turning in the vicinity of the average of 200 sessions and after the loss of supports a few sessions ago it seems very likely that we end up seeing an extension of the declines to the level of the 5, 69 euros, minimums of last year.
Santander The month of January began, surpassing the resistance of 3.85 euros and rising above the average of 200 sessions. It seemed that everything was ready to confirm a change in trend but this week the value of the Ibex 35 lost support of 3.74 euros and it seems that it could return to the lows of last year that it presents in the vicinity of 3.30 Euros Although we believe that sooner or later we could see a change in trend, we should wait patiently for its price to be above 3.94 euros, prices more than 6% above the current contribution levels.
The BBVA It offers a better technical aspect than Santander and it is that at the end of last year it was able to overcome significant resistance after climbing above the average of 200 sessions. However, after some indecision sessions, the company has followed the path of Santander losing the short-term support it presents at 5.03 euros. The bank returns to test the strength of the average of 200 sessions and approaches the support of 4.60 euros. Be very careful with the abandonment of this level of demand since it is very likely that we can end up seeing a continuation of the falls to the level of 4.10 euros, minimums of last year.
With the technical perspectives of these values with so much weight in the Ibex seems a challenge that the Spanish selective can attack the level of 10,000 points immediately