Despite having tried to react to the upside supported by the banks or Telefónica, the Ibex has not had the strength to bounce and has receded a -0.23%, drops similar to those of the rest of Europe. The Spanish selective has left 4.35% in the accumulated weekly, in such a way that it closes its fourth consecutive week in red, the worst since the end of July. Monday was a disastrous session, conditioned by news about illicit bank practices, doubts about the vaccine, fears about the extension of the coronavirus outbreak … and since that day the Spanish index has been unable to recover.
"Stock exchanges have spent most of the week on an emotional roller coaster, with investors taking significant whiplash, "sums up CMC Markets London chief analyst Michael Hewson. Across the Atlantic, the Federal Reserve (Fed) has shown its concern about the US economic situation and has asked Republicans and Democrats that they reach an agreement for a package of aid to alleviate the effects of Covid-19, an agreement that has not yet been ratified. The latest news in this regard has to do with the proposal, of $ 2.2 trillion, written by Democrats, Bloomberg reports.
Technically, the Ibex has lost this week the support of 6,900 points and stays very close to the base of the channel, around 6,450 points. The experts of Bolsamanía warn that, if it loses this level, it would go for the minimum of the year, at 5,814 points, something they consider "probable". Above, on the resistance side, the upper part of the channel is currently passing 7,200 points, approximately.
During this week the bad technical aspect of the great values of the Ibex has been confirmed. Although BBVA has rebounded after improving its forecasts for the year thanks to the situation in Mexico and after opening the door to the payment of the dividend, both this entity and Santander or Telefónica, which are also reacting to the upside today, are sinking in the year and are unable to raise their heads.
IAG has also had a week of constant declines (today it falls another 4.5%) in full capital increase and while struggling not to lose the euro per share, while other large titles, such as Inditex or Repsol, have suffered equally.
Next week the month will close. If things do not change substantially, the Ibex will pay a loss for September. At the moment it falls close to 5%.
. (tagsToTranslate) Ibex (t) closes (t) fourth (t) week (t) red (t) fall (t) 4 (t) 35% (t) worst (t) since (t) July (t) Category : All (t) Category: Market Report (t) Category: Europe Report (t) Category: International News (t) Category: Market Report – close (t) Category: Pulses (t) Category: Pulses Europe (t) Category: Market Pulse