For two months now, the Spanish team has been moving in a sideband between 6,500 and 7,140 points.
This past Thursday the IBEX 35 It was attacking this level of support but at the moment it seems that it is trying to hold on to these prices. The rebound started in mid-March is barely maintained, but without enough strength to allow it to attack the resistance of 7,140 points. With the Spanish banking sector touched, it seems that all the hopes of a recovery in the index go through a recovery of Repsol and Telefónica that maintaining a strong downward trend so that they could be giving some sign of hope.
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Since Repsol drawing the annual lows in mid-March we are seeing how the Ibex 35 company is drawing increasing lows. This is a signal that shows us a certain strength that seems to lead to its price in the immediate vicinity of resistance at 9 euros. Its behavior at this price level is key, since if it manages to exceed this level of supply, it is very likely that we could end up seeing an extension of earnings to the level of 10 euros, levels where a bearish gap was left more than two years ago. months. If it manages to exceed this price level, it is very likely that we could end up seeing an extension of the profits to the level of 11 euros, levels where the average of 200 sessions is found.
Telefónica It has been unmarked from the declines of the last sessions on the Ibex 35. For two months now, the stock has been trading in a sideband and it seems that it could be stealthily approaching the resistance of 4.50 euros. It would be a sign for optimism that this price level is exceeded, although we could place the key resistance for the coming weeks in the immediate vicinity of the resistance of 4.85 euros. The confirmation of the break in this price level would make us think of an extension of the gains to the level of 6 euros, prices where the average of 200 sessions converges, an average that separates the downtrend from the uptrend.