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Technical analysis office: Santander, Ibex, IAG, Acciona, Acerinox, Gestamp, Elecnor and Oro


Next, we respond to the values ​​for which we have been asked the most throughout the morning. José María Rodríguez, technical analyst at Bolsamanía, analyzes Acciona, Acerinox, Santander, Ibex 35, IAG, Gestamp, Elecnor and Gold.

Technical analysis

Good morning, José María. How would you see an entry at this time about these two values: Acciona and Acerinox? I do not intend to trade, I am a long-term investor. Thank you. F.RC.

Dear investor, good afternoon. Acciona It is one of the few titles that can be invested more or less comfortably. Point corrections apart from short term (reaction phases) the truth is that the price has recently pierced significant resistance, specifically the high part of the lateral-bearish movement through which the title has been moving since April. In the very short term we can not rule out the fact that it relies on it to go back up with energy. Above the 2019 highs (103.50 euros) the start of a new bullish momentum would be confirmed, with the objective of rising (in terms of the long term) towards the historical highs that it reached in 2007 at 157.40 euros. Without a doubt, the best of our Ibex at the present time.

Acciona weekly chart since 2007

As to Acerinox, we analyzed it last Friday (You can read it here) and we said that very careful with the ‘head and shoulders’ that presented the title. And the truth is that the falls during the first minutes of the session have led him to meet, almost entirely, the goal of training drop. Even so, we would prefer to wait for the bag to calm down, for example our selective is drilling media at this time, which leaves the door for new corrections in the next sessions / weeks. Let's see how the market closes this Monday, but the feelings are not good. That said, the most important supports at this time in the steel mill are at 8.60-8.65 euros and below the area of ​​8.15-8.20 euros. Thanks to you, greetings.

Daily chart of Acerinox in the last year

Hi José María. Good Morning. I would like to analyze if possible the Ibex 35 and Banco Santander. Greetings. A.OH.

Dear reader, good afternoon. The Ibex It is pulverizing the base of the lateral movement of the last month and a half: the support of 9,460 points. And this leaves us with a double roof with the objective of a theoretical minimum drop of approximately 9,200-9,250 points. Although the most important support is found at 9,100 points, the minimum at the beginning of December. Moreover, the drilling of the channel down can take us even further down. What is clear is that this Monday we woke up with an imposing bearish gap (which can be weekly), at 9,560 points. Or what is the same, to the extent that the Ibex does not close (cancel) the bearish gap on Monday, I fear that the bias of ‘trading’ has gone from lateral to corrective.

Daily Ibex chart since April

Santander Publish results this Wednesday and you always have to keep that in mind. But the feelings are not good at this time. The Cantabrian entity is starting to drill media this Monday, as well as many leading indices and values, and it is normal for it to go to the support of last week's lows at 3.30 euros. The drilling of this support can be the prelude to a new bearish whip towards price levels close to approx. 2.85 euros: where the straight support potential that unites the growing lows of 2012 and 2016 passes. Greetings.

Santander weekly chart since mid 2011

Good Morning. I would like you to analyze in your IAG section after the very heavy falls of the last days. I have them at an average change of 6.74 euros. What strategy would you adopt in this company after the latest events? Thanks in advance. J.M.

IAG we have analyzed it this morning (read it here) and the truth is that everything points to corrections aside, the price tests sooner rather than later the support presented in the bullish hollow of the December 13 session at 6.60 euros. That session was also negotiated a lot of volume and it is normal that now the title tries to test said support area. Or rather, it is there that the risk-return equation is optimized again by the long or bullish side. With clear stop loss it is in the hole itself (in closing prices). Without a doubt, all tourism-related companies are being significantly affected by the coronavirus.

IAG daily chart since March 2018

Hello. If possible, I would like you to analyze Gestamp and Elecnor, purchased at the end of the year. Thank you. Greetings.

I must admit that I expected much more from Gestamp and of CIE Automotive after the trade agreement between the United States and China, but the truth is that the European car sector is still very weak. Very touched. And in the case of gestations, what we have is an important resistance zone at 4.25-4.30 euros and above and more importantly the bearish guideline in approx. 4.60 euros. The truth is that the slightest sign of strength in the title is still not appreciated, rather the opposite. And therefore the possibility of returning to the support (3.26) presented in the historical minimums is a fact that can not be ruled out at all.

Gestamp daily chart since April 2017

As to Elecnor, we are talking about a title that has been in corrective phase since the end of 2017. There is no clear figure, but we have decreasing maximums and minimums: the simplest and fastest definition of what a downward trend is. And as long as it remains that way there is nothing to do. Nothing to consider. Also in the short term we have in nobody's zone, halfway between the support of 9.20 euros and the resistance of 11.20 euros. Only above this last level we will consider a potential change of trend in the title. But as things stand at the moment, with the Ibex drilling media, I fear that the outcome will continue to be bearish in the short term. Thank you very much, greetings.

Weekly Elecnor chart since late 2007

Good Mr. Rodriguez. Can you think of a window of ‘trading’ on gold for the first quarter of the year? Thank you very much for this section. Best regards. JM.L.

With all the uncertainty that we have at this moment we are witnessing important falls in the bags and rises in gold and in all those active shelters, such as the gold or bitcoin And the first seems to want to restructure upwards from the support that has drawn us at 1,535 dollars / ounce. Let us say that to the extent that it does not pierce it, we believe more likely an attack on the resistance of $ 1,577 (the highs of the recent crisis between the United States and Iran). And above the precious metal would continue to climb positions towards $ 1,700. But the most important thing is that gold has a clear upward trend in the medium term, with a goal towards historical highs at $ 1,920 in terms of medium and long term.

Weekly chart of the ounce of gold since 2010

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