-In what technical situation is the Ibex 35? Where do you see resistances and supports?
-We continue to see a clear upward trend. The market is thinking that the economy is going to recover and this will make the most affected companies follow this line.
The Ibex 35 has remained close to the objective that we had set by breaking the lateral range towards the 9,266 area, the maximum has left it at 9,256. There could still be court to complete that objective, so that would be the first resistance.
Regarding supports, there is one at 9,040 and another at 8,976, where the average of 50 sessions passes. We remain in a lateral range in the short term and in an uptrend in a slightly longer term. The most normal thing would be to continue with the trend since it activated an upward divergence with the minimums of March and October of last year by breaking the 7,996 and activating that objective to the 10,000 area.
-How is the Spanish banking sector behaving?
-We see strength in all banks. BBVA met the target set by breaking an expansive triangle towards the 5.22 area, with which that resistance would become support. For the moment, intact upward trend.
An upward trend also for Banco Sabadell, at the time it left us a double bottom that confirmed the objective towards 0.59. It has not lost any support, and the first to watch would be at 0.58.
Banco Santander: strength. It met the objective to 3.41 due to the breakdown of the expansive triangle and that area would become support. We would have support at 3.29. As long as it remains above, the trend remains positive and a succession of rising highs and lows is generated.
Bankinter: short-term corrective phase. It has an objective towards the 4.95 area that is still activated and it is most likely that it will end up fulfilling it.
Caixabank: strength. He lacks very little to fulfill the objective of the double bottom that he activated when breaking the zone of the 2.2. I hope it complies.
Liberbank: has broken a channel at the top. First resistance at 0.35 and with the accumulated overbought, it is normal to take a break on the rise. But if we see a daily close surpass above 0.35 again, it would be normal to continue thinking positively. Targets at 0.43 and 0.45 in extension.
Unicaja: reaches the resistance zone, at 0.98-1. In case of exceeding it, then we would have the zone of 1.08.
For now, keep all the banks. Not all of them are ready to enter, because they have risen a lot and perhaps the entry point is no longer optimal but they can still be kept in the portfolio because the trend is still positive.
-How do you see Inditex after presenting the results of the first fiscal quarter?
-Inditex exceeded forecasts. But upon reaching the previous resistance zone, at 32.3, it leaves us with a double top in the very short term, which is about to break the low between highs.
The normal thing would be to think of some additional correction in the very short term towards the area of 30 euros, which could be a support area.
It has activated medium-term objectives for the third bullish impulse in the area of 37 euros. Any correction without losing support can be used to get on the trend that is still positive.
-Now that summer begins, would it be interesting to enter stocks such as Aena or IAG?
-We are waiting on what will happen to tourists from the United Kingdom but, on the other hand, the US has removed Spain from the list of countries not to visit.
It is expected that from 2022 and 2023 when tourism companies return to profits.
Aena: first resistance in the area of 145.9, activated a theoretical objective per second upward impulse towards around 163. We have been consolidating in the lateral range for many days, but if we see a daily close above 145.8, it could be a value to be able to get on.
IAG: hold. It is not to buy because it met the theoretical target per second bullish towards the 2.54 area. Right now it could be maintained because the trend is still up but it is having a hard time starting. A triangle is being generated … it would be necessary to see where it breaks.
Meliá Hotels: it is recovering. At the time it left us a bullish divergence activated by breaking the maximum of 5.47 that marks a theoretical objective at 8.46. In the short term, we are inside a triangle. I would expect to see a daily close above the guideline linking the decreasing highs above 7.19, seeking the target with supports below the 6.47 lows.
If the triangle were to lose at the bottom, Fibonacci levels could be marked to wait for a broader correction and to be able to go up at a better time, towards the 5.7 area. But the trend would remain positive and the theoretical target is still activated.
-What values do you keep from the continuous market?
– It is necessary to look for refuge against the inflation. Real assets such as real estate are usually very attractive, especially those that are rented because they generate recurring cash flows.
Colonial Real Estate: it has broken the 8.72 area and that sets us a target for a second upward impulse towards 10.24.
Merlin Properties would also be a good option in this context, considering that the rate sector in the American market is also pulling strongly.