– After the correction of the Ibex 35, what can we expect in the short term? Key supports?
Practically since the recovery we saw in November, the Spanish stock market is in a corrective phase above the level of 8,250 points and is now looking for 8,600 points, which I think may be an important objective for the IBEX 35. Regarding Supports must continue to monitor the July lows at 8,250 points, if we lose them we should monitor the psychological level of 8,000 points.
– The rest of the European stock markets are trading flat, do you see any opportunity for buying positions?
I would especially look at the German stock market, at the Dax 30, which continues to respect the long-term bullish guideline. If it starts to close above the 15,500 mark, we should be confident of seeing new highs. As for the French Cac 40, it has support at 6,100 points, and if it recovers 6,400 points, we could see it bounce to 6,600 points.
– Regarding the values of the Spanish stock market … where do you see possibilities despite the correction?
I would especially focus on BBVA shares, which continues to respect the long-term bullish guideline by returning to 5 euros per share. It is going through a small correction phase after its bullish momentum that started in November. If it respects the 5 euros, it could be pushed towards the long-term bearish guideline. We should also monitor IAG (Iberia), it is true that the situation in the tourism sector is uncertain and we will see if it can save the summer season, to see if it recovers the 2 euros per title that would be a key moment to take bullish positions. I would also keep an eye on Indra’s shares, which after a phase of uncertainty after the change in its top management in May continues to respect the support of 7 euros per share and is now seeking to exceed the 8-euro zone, which if it exceeds it, it could reach annual highs.
– How do you see the graph for gold and oil after the OPEC + decision?
In the short term, the oil recovery has been fantastic after the pandemic oil price debacle. After the OPEC + decision, we have seen a correction, which we could say healthy, which has brought the barrel of Brent, a benchmark in Europe, to $ 60 and is now trying to recover $ 70. As for the metals market, gold is trading above the psychological level of 1,755 dollars, trying to hold on to 1,800 dollars and we will have to be attentive to inflationary tensions in recent months and especially if it closes above it again of the $ 1,820-1,850 could even test zones of $ 1,900 per ounce.
– And the bitcoin?
Bitcoin brings a significant recovery from its all-time highs, now it is trading within a lateral range that goes from $ 40,000 to $ 30,000. As long as it does not lose $ 30,000 in daily or weekly closings, which is a very psychological level, we could even see institutional investors entering these levels looking for $ 35,000. If we close above $ 35,000 we would see optimism for the recovery of cryptocurrencies after the corrections we have seen in recent weeks.