The rebound in the Ibex 35 remains alive although we have been able to see how it has slowed down after approaching the resistance of 7,140 points

Technical analysis

The most normal thing is that, after digesting the latest increases, this resistance level has been exceeded, which would make us think of a continuation of the increases in the short term to the level of 7,436 points. These prices correspond to 38.2% of the current bearish momentum and it seems that it could be the minimum reaction of the market to a collapse of more than 40% in a month. The great values ​​of IBEX 35 accompany this index reaction.

After a 50% crash the Santander This past week confirmed the start of a rebound after overcoming the resistance of 2.22 euros. The bank has rebounded 30% from the lows, although we believe that it still has a way to go to at least the highs of the bearish gap that was left last 12th at 2.74 euros. This represents a 15% increase from current listing prices.

Repsol has confirmed the start of a rebound after plunging 60% from the highs of the beginning of the year. Overcoming the resistance of 7.48 euros invites us to think that the gains will be dwarfed to at least the level of 9 euros. If it manages to exceed this price level, it is likely that we could end up seeing an extension of the profits to the level of 10 euros.

Inditex It has also improved its nefarious technical aspect by managing to pierce the resistance at 23.40 euros. The rebound has been significant, specifically 34% and after exceeding this price level it is likely that we will see an extension of earnings to the level of 26 euros, prices where we believe the limit of the current rebound would be.

Iberdrola It is the one that offers the best technical aspect without a doubt and that is that it is struggling to rise above the average of 200 sessions. For the next days we will be very pending of a closing above 9.50 euros since it would make us think of a return to the historical maximums that this last February would draw at 11.34 euros.

He BBVA maintains the short-term rebound after managing to overcome the resistance of 3 euros. The bank has stopped the rises when approaching the level of 3.54 euros, maximums of the bearish gap of the past 12 of this month. If it manages to exceed this level of supply, it is likely that we could end up seeing an extension of profits to the level of 4 euros, which would mean an additional revaluation of 15%.

Bad behavior of Telefónica This past week, although it should be borne in mind that it is digesting the rebound that started the previous week. After a rebound of 40% it is logical that it takes a break although we believe that we could return the purchases at any time. The key resistance is at 4.85 euros. This price level is key and if it manages to overcome it, it is likely that we can see an extension of the earnings to the level of 5.50 euros.



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