IBEX 35

IB
End-of-day quote BME - 09/17
9004.2EUR
-0.53%

A rather chilly stock market summer

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08/27/2019 | 05:03 am
Opinion : Bearish under 8870 
Target price : 8360 
On the stock market, the Spanish summer will not have allowed the thermometer to climb as high as on the Iberian beaches. Over the past two months, Ibex has lost 6.3%, which reduces its 2019 performance to 1.6%, far behind more international markets such as Frankfurt or Paris.
Most of the 35 components of the index are in a negative configuration, except for the two values that dominate the annual ranking. First of all, Cellnex Telecom (telecom infrastructure), which gained 10% over the summer period, bringing its overall progress to 72%.
Also completing a qualitative year, Ferrovial (BTP) grew by 12% over the same reference period, thus accumulating 44% since January. On the other hand, the banking sector is leading the way with generalised declines such as Bankia, Caixabank, which exceed 20% loss.

Graphically, in daily data, prices remain under technical pressure. The dropout from the 8870-point zone took the courses to the bottom line of 8360 points. The movement was, moreover, validated by a pullback on the old support which became resistance. The danger would be obvious below 8360 points with a downward target of 7650 points. On the other hand, a recovery beyond 9040 points would neutralize the trend, but this scenario is not preferred at this stage of the configuration.
Patrick Rejaunier
Zonebourse.com 2019
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