IBEX35 sails bearish
The Iberian spread closed yesterday down -1.30% marking the milestone of 1 month in decline. The best performing company was Repsol (BME:REP) which climbed +1.65% ending at 15.13 at the close. Merlin Properties SA (BME:MRL) closed up +0.48% at 10.50 and Sacyr (BME:SCYR) was up $0.42 at 3.34. The worst performers were Enagas (BME:ENAG) with -9.29% closing at 12.79, Acciona (BME:ANA) -6.55% at 105.60, ACS Actividades de Construcción y Servicios (BME:ACS) with -4.19% closing at 38.44. In short, the falling stocks outperformed the rising ones on the Madrid Stock Exchange.
Today, tourism data is published, which is expected to be positive for Spain in the summer season with 12% compared to the previous 8.3%, and industrial production data in several euro zone countries, including Spain, which is expected to be slightly worse. For the euro zone as a whole, things are not looking very different.
Focusing the eye on the chart, IBEX35 has formed an area of strong resistance at 11,384.44 points and the area of 11,159.06 is the second area of strong resistance, a possible Shoulder - Head - Shoulder figure has been generated, and seeing the monthly trend and economic data, it would not be unusual to see that the index seeks again this second area of resistance and plummets towards the lows of 10,837.43 points. On the other hand the shape of the bell is not overly clear given that it has a triple formation with the most traded price at the checkpoint at 11,326 points. And its second control price zones are located at the current price. The RSI is overbought at 60% so it would not be unusual to see a correction. In principle, it seems that the trading area for this summer can be framed between the first strong resistance and the area of lows.
Focusing the eye on the chart, IBEX35 has formed an area of strong resistance at 11,384.44 points and the area of 11,159.06 is the second area of strong resistance, a possible Shoulder - Head - Shoulder figure has been generated, and seeing the monthly trend and economic data, it would not be unusual to see that the index seeks again this second area of resistance and plummets towards the lows of 10,837.43 points. On the other hand the shape of the bell is not overly clear given that it has a triple formation with the most traded price at the checkpoint at 11,326 points. And its second control price zones are located at the current price. The RSI is overbought at 60% so it would not be unusual to see a correction. In principle, it seems that the trading area for this summer can be framed between the first strong resistance and the area of lows.
Ion Jauregui - ActivTrades Analyst
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The information provided does not constitute investment research. The material has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and such should be considered a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
Today, tourism data is published, which is expected to be positive for Spain in the summer season with 12% compared to the previous 8.3%, and industrial production data in several euro zone countries, including Spain, which is expected to be slightly worse. For the euro zone as a whole, things are not looking very different.
Focusing the eye on the chart, IBEX35 has formed an area of strong resistance at 11,384.44 points and the area of 11,159.06 is the second area of strong resistance, a possible Shoulder - Head - Shoulder figure has been generated, and seeing the monthly trend and economic data, it would not be unusual to see that the index seeks again this second area of resistance and plummets towards the lows of 10,837.43 points. On the other hand the shape of the bell is not overly clear given that it has a triple formation with the most traded price at the checkpoint at 11,326 points. And its second control price zones are located at the current price. The RSI is overbought at 60% so it would not be unusual to see a correction. In principle, it seems that the trading area for this summer can be framed between the first strong resistance and the area of lows.
Focusing the eye on the chart, IBEX35 has formed an area of strong resistance at 11,384.44 points and the area of 11,159.06 is the second area of strong resistance, a possible Shoulder - Head - Shoulder figure has been generated, and seeing the monthly trend and economic data, it would not be unusual to see that the index seeks again this second area of resistance and plummets towards the lows of 10,837.43 points. On the other hand the shape of the bell is not overly clear given that it has a triple formation with the most traded price at the checkpoint at 11,326 points. And its second control price zones are located at the current price. The RSI is overbought at 60% so it would not be unusual to see a correction. In principle, it seems that the trading area for this summer can be framed between the first strong resistance and the area of lows.
Ion Jauregui - ActivTrades Analyst
*******************************************************************************************
The information provided does not constitute investment research. The material has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and such should be considered a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
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