A total of 21 Ibex 35 companies are less than 5% below breaking through the first of their technical supports after the sweep of long from yesterday. The selective plummeted 2.55%, the largest correction among the large European markets, and this dragged a third of its companies to areas close to purchase. The only two firms that drilled these levels yesterday are Fluidra and Almirall; and there are another five that are less than a 2% drop away from doing so, according to Joan Cabrero, Ecotrader advisor. These are CIE Automotive, Iberdrola, Endesa and Solaria. This yields two conclusions: the first is that it is not being a good start to the year for utilities. The second, that the latest inclusions of the Ibex, with the exception of Pharma Mar -whose support is at 2.4%- have already fallen to floor levels.
On the other hand, the values farthest from their first support are Repsol -before the unstoppable rise in the price of a barrel of crude oil-, and Inditex, with a 12% drop, to the level of 22.3 euros. In addition to the pure cycle: Banco Sabadell (the most bullish title in the year, with 53%), CaixaBank and ArcelorMittal. They are all separated by a correction that goes from 9% to 9.8% of short-term support zones.
the closest
The swimming pool company chaired by Enrique Díaz Tejeiro, is at its lowest in April 2021 and is the most bearish of the Ibex in the year, it has already drilled its first floor, located at 26 euros, and is at a distance of 12.2 % of the second step, located by the Ecotrader team at 22.75 euros. Almirall also fell below 10.25 euros yesterday, level where the first support was. Thus, continuing with the pharmaceutical companies, PharmaMar is also within the top 10 of the companies that are closest to the purchase area, with a distance of 2.4%, up to 52 euros.
CIE is at a correction of 1.4% to pierce the 24.85 euros, in which the Ecotrader team sets its support. The next step is at 22 euros, which would mean a correction of 12.4% from current prices. From the maximum of four years that it touched in January, above 28 euros, the stock corrects 11%, which is a third of all the previous rise, from October at the beginning of the year.
Among the blue chips of the national market, Iberdrola is the closest to its support and the fourth of the entire Ibex. It is at a distance of 1.6% -up to 9 euros- after giving up 3.18% yesterday and ending the session at 9.18. The utility chaired by Ignacio Sánchez Galán presented results last week, with a net profit of 3,611 million euros. From the highs of the year, at 10.27 euros, his share corrected 11%. And just behind are two other electric companies and one solar company, Solaria. Red Eléctrica and Endesa are 1.6% and 1.8% away, respectively, from giving up the first floor at 16.75 and 18 euros, in each case. Solaria, is at 2% (see table).
Banks
Banco Santander (which would find a purchase zone at 3.25 euros, and is trading at 3.34), which still implies a correction of 2.9%. Santander, which yesterday saw its biggest drop in a session in a month -3.9%-, came close to 3.50 euros, after the rally led by the sector before the advance rate hike. In the euro zone, two increases -September and December- of 0.25 points are expected this year, following in the footsteps of the Fed.
The massive sales seen yesterday hit the financial sector in particular, and this is relevant considering that it represents a third of the total weighting of the Ibex 35 -which made it the market most affected yesterday-. On average, their values fell by 3.6% yesterday and, even so, they are not among the closest to their support taking into account the rally that they have been leading since January. Sabadell is the bank title that has run the most and, therefore, the one that appears furthest from its closest support. They are 0.818 euros, identified by Joan Cabrero, responsible for analysis at Ecotrader, and from which a distance of 9.6% separates them. CaixaBank – the second most bullish Ibex title in the year, with gains of 36% – is also 9.8% away from falling to 2.97 euros, the first support and possible purchase zone. BBVA is 4% to fall to 5.5 euros; and Bankinter at 4.1% from its floor in 5. It is the third most bullish bank in 2022, above 29.5%.
These are the key levels of all the values of the Ibex 35
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