The Ibex 35 closed this Friday with a weekly drop of 1.49%affected by the return of inflationary fears, the rise in debt yields, geopolitical uncertainty and political instability in the United Kingdom. Even so, our selective continues to demonstrate some capacity for resistance thanks to the good performance of some heavyweights linked to energy, insurance and telecommunications.
From a technical point of view, the index continues to trade above a key zone. César Nuez, technical analyst at BitcoinDynamic, highlights that the Ibex has managed to hold on to the support of 17,308 pointsa level that for now prevents further deterioration of the graphic appearance. Above, the closest resistance is located at 18,217 pointswhose surpassing would open the door to an attack on the all-time highs at 18,573 points. MONEY SEEKS REFUGE IN ENERGY AND DEFENSIVE VALUES For values, Naturgy It has become the most bullish of the week after rising 2.54%. The energy company has also managed overcome relevant technical resistancesreinforcing buying interest in a context in which the market continues to reward defensive businesses with visibility in income. It has been located very close Repsolwith an advance of 2.36%. The oil company maintains a clearly bullish technical structure and the increasing lows of recent weeks invite us to think of an imminent attack on resistance areas. According to César Nuez, the exceeding 23.95 euros could activate a new bullish stretch towards 24.90 euros and leave the value free to rise again. In this way, the market continues to support the oil company thanks to the strength of crude oil and the improvement of margins in the energy sector.
The rebound of Grifolswith a weekly increase of 1.70%, although in this case experts continue to show many doubts about its technical structure. The title has recovered some ground after very punishing weeks, but Its graphic aspect continues to be delicate.
Telephone has also managed to end the week on a positive note after a few quarterly results well received by investorsespecially due to the operational improvement of the business in Spain and Brazil, as well as the confirmation of objectives and dividend.
Logista, CaixaBank and Mapfre have completed the group of most profitable securities, supported by defensive profiles and in search of stability in a still uncertain environment for European equities. ROVI FALLS AGAIN WITH STRENGTH On the bearish side, Rovi Laboratories has once again led the losses. The pharmaceutical company has dropped 6.21% these days after the severe punishment suffered the previous week, when it collapsed by nearly 21%. lDowngraded forecasts and disappointing results continue to weigh on a company which has gone in just a few sessions from being one of the favorites of the Spanish market to becoming one of its main sources of weakness.
Inditex Nor has it been able to escape sales, with a decrease of 3.59%, in a week marked by the collection of profits in European consumption and luxury. The textile giant continues to move close to 50 euros per share, but the market is beginning to show greater sensitivity towards high valuations in a context of still high rates.
IAG, Ferrovial and Aena They have also suffered significant falls amid the increase in macroeconomic uncertainty and the rise in debt yields, a scenario that tends to especially penalize companies linked to the economic cycle and passenger traffic.
ACS and Santander have also been among the most punished, while Fluidra, Sacyr and Bankinter They have expanded the corrections in a more selective market and less willing to reward risk. Other values like Iberdrola, Cellnex, Amadeus or Sabadell have registered more moderate declines, reflecting a general tone of consolidation after the strong increases accumulated by the Ibex in recent months.
Weekly variations Ibex 35
