Although speeding up the Ibex, it manages to get away from the danger zone, boosted by the good tone of the European stock markets and the European banking sector, which has supported itself for the third time in the annual and historical lows.
Just last Friday we said at the close of the Ibex that we were either reacting strongly to the upside or we could start thinking about the March lows. And the truth is that, although 'in extremis', we could not have started the week better. And we added that in reality the Ibex was the index that was playing with fire since nothing was wrong with the rest of our neighbors. That last week's correction fell absolutely within the normal range, but in the case of our selective it was taking us to the limit. The fact is that early this morning, we analyzed the triple support that the European banking index, the EURO STOXX Banks, presented at annual and historical lows (not triple bottom). And little by little and without making much noise, the indices have been climbing positions from less to more.
Movement that was also palpable in the titles of BBVAwhich as we usually remember is the advance value of the Ibex. This has not yet drilled the March lows and has left us four support points in the support range of 2.42-2.47 euros. Or said in other words, that although at least the Ibex has been able to move away from the danger zone, thanks mainly to banks. This sector is one of the great engines of European stock markets, let us not forget, with special weight within our market. But I also want to keep the fact that the increases are not only in this sector, but we are also witnessing strong increases in the sidewalks and especially in the companies related to tourism (Aena, IAG, Amadeus, Airbus. ..). That is to say, the climbs are practically blocky, which is always much healthier.
In the shortest term we must now look at the resistance we have in the bearish gap of 6,922 points and above the April highs at 7,210 points. And below, on the side of the supports, it is clear that there can be no other level than last week's lows at 6,420 points. Overcoming the resistance of 7,210 points would be an important sign of strength in our index, which could continue the rebound towards the resistance zone of 8,000 points (50% adjustment / retracement).
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