Bad moment for the Spanish stock market after this past week the Ibex 35 left the support of 7.062 points. After several weeks of lateral movement, sales return to the Spanish selective that we do not rule out that he ends up looking for the support of 6,400 points. The technical prospects are not at all good and the fact is that the greats of the Ibex with the exception of Iberdrola seem to point to the annual lows of March, prices that could abandon without shame in the coming weeks.
He Santander It collapsed this past week which has allowed it to abandon the support of 2.10 euros. The bank is already moving in the vicinity of the lows of the year that it presents at 1.77 euros. Its strong main downward trend gives credibility to the possibility of abandoning this level of demand, which could end up extending the falls to the level of 1.50 euros. Watch out for these prices because if you end up losing the technical complication it would be a trick.
Strong declines also this past week in the BBVA that pulverized the support of 3.02 euros. For the next few days, an attack on the annual lows that it presents at 2.42 euros is imminent. If you end up abandoning this price level, you will most likely attack the key support of 2.33 euros. These prices are very important and that if you end up losing them, we do not rule out ending up seeing an extension of the falls to the level of 1.50 euros.
Telefónica It also goes head first to the annual lows it presents at 3.38 euros. The highs of the rebound last June have brought its price up to 50% of the bearish momentum that started at the end of February. Be very careful since we do not rule out that the company does not manage to hold onto the 3.38 euros and continues with the current collapse to the level of 2.50 euros. We will not see a sign of strength as long as it remains trading below 4.21 euros, prices more than 15% above current prices.
Inditex It has not been able to with the average of 200 sessions and although it maintains a better technical aspect than the previous three, it is dangerously approaching the support of 21.54 euros. Be very careful with the abandonment of this level of demand as we could end up seeing an attack on the March lows that would draw at 18.50 euros. Today the most sensible thing would be to stay on the sidelines and that is that we will not see a sign of strength again as long as it continues trading below 27.23 euros, prices where the average of 200 sessions converges.
Iberdrola it is the only one that is saved from burning. The company accumulates a revaluation close to 50% from the lows of the month of March and after surpassing, a few days ago, the historical highs moves in free rise without any resistance on its way. As of today it could be shaping a throw back, a bullish continuation figure that invites us to think about an extension of earnings to at least the level of 13 euros.