The vast majority of analysts and financial information media in our country only look at the normal Ibex 35, which does not take into account the dividends that are distributed.
The vast majority of financial media, as well as many analysts, only talk about the Ibex 35 in the spot, the normal index. The same as always, the one that is currently trading at 7,000 points. However, we should focus more on the known as Ibex Total Return (IBDIV), what includes dividends distributed. The index of the 'European locomotive', the Dax, is an index that collects the dividends that are distributed, so that it is much more reliable, more representative than an index that does not. There are often many long-term investors who invest in securities such as Telefónica, Santander or Repsol, among others, and who accumulate very strong losses. But these tend to forget all the dividends, very juicy in many cases, that have been taken along the way. And we have to be fair and take them into account because everything adds up. And that's what this index does, collect all the dividends that investors take along the way.
From the point of view of the graphs and without taking into account the price dilation in the month of March, what we find is an impeccable acceleration line, in this case an upward guideline due to having at least three points of tangency, what unites each and every one of the increasing lows since the end of 2002. And what about the current price levels. As the most immediate resistance zone, we have the June highs at 23,500 points and above the annual and historical highs, at 29,488 points. That is to say, the Ibex is bullish if we take into account all the dividends distributed.
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