The Ibex, yields the 9,200 in a day of doubts for the banking sector in Italy

The Ibex has not been able to close its third day of rises. Within the selective, Naturgy has led the losses in the Ibex 35 (-2.77%) on Tuesday. Goldman Sachs has lowered the target price of its shares to 24.8 euros and has passed its recommendation from buy to sell. On the opposite side, the increases of Caixabank (+ 1.55%) and Bankia (0.97%) stood out, although it was a red-hot day for the European banking sector, which is experiencing tension in Italy.

The European Commission can open a disciplinary procedure against this country for not being able to control its debt and consequently, its risk premium has shot up to 290 points. "The transalpine country now risks facing a fine of 3.5bn euros if the Roman government is not able to justify its numbers from last year," says Aitor Méndez de IG.

While in the continuous market, Liberbank has risen 5.5% due to the possibility, previously reported by Bolsamanía, that Abanca will once again present an offer for the entity after the failure of the merger with Unicaja. On the other side of the stock market, Berkeley, which had shot 35% on Monday before the elections, has dropped 12.77% on this day.

LONDON AND WALL STREET RETURN

In other news, today the London and Wall Street exchanges that closed yesterday have returned. And in Asia there has been a session of rises this morning, with widespread green numbers and a rise in value of half a percentage point in the Nikkei. At the macroeconomic level, in Europe the economic sentiment of the Eurozone in May has been known, which has rebounded against all odds, breaking the ten-month run of falls that it accumulated.

In addition, after the elections in the Old Continent, today the European leaders meet to start distributing the positions of responsibility within the Union. Likewise, in Spain, negotiations to form a government have also been launched. The media highlights the greater flexibility from Ciudadanos, which seem to not rule out an agreement with PSOE. The meeting held on Monday with Pedro Sánchez and Emmanuel Macron in Paris is interpreted as an attempt of international 'pressure' from the group of liberals so that Albert Rivera is open to agreeing with Sánchez.

"Operators breathe a sigh of relief after the populist European parties failed to achieve big wins." The populist parties only represent around 25% of the Parliament, which will not create problems for the European Parliament for the approval of projects ", indicates Jasper Lawler, director of analysis of London Capital Group. Lawler's opinion matches that of most experts.

In addition to the news in Europe and the last elections, operators are very aware of everything that happens in the UK and any developments related to the commercial war. At the moment, both issues continue to be halted. In the United Kingdom, there still is a struggle for power in the heart of the Conservative Party and pressures of all kinds, which are expected to continue until October 31, the deadline for their departure from the Union.

In the United States, the commercial war is, for the time being, stagnantat least during a 90-day period, which ends on August 19. After that the US will decide wether to apply or not any restrictions on Huawei. On the other hand, Wall Street, has opened this Tuesday with rises although the New York stock exchange will probably react to the statements made by Donald Trump, when he said that "he was not ready" to make a deal with China, although he added that he expects one in the future. The US president also said that tariffs on Chinese imports could increase "substantially."

TECHNICAL ANALYSIS

"The only interesting thing about the session on Tuesday is that we closed far from the minimum, but little else can be said, if at all, that the maximums of this Tuesday coincide with what would be the straight resistance that unites the successive decreasing highs since the end April "explains José María Rodríguez, Bolsamanía expert.

With everything, "the support we need to maintain is in 9,025 points and as the most important resistance we have the weekly bearish hollow of the 9,410 points, with the permission of the intermediate resistance of the 9,335 points. The session and focusing on BBVA values was able to recover positions at the close after filling for the second time the important bullish gap (support) of 4.94 euros and Santander manages to recover also the 4 euros after marking a minimum intraday at 3.97 euros " adds the expert.

The European banking sector "has been falling strongly during the first part of the session, with falls close to 2% and closes in the red but far from the daily minimums. Telefonica remains stuck in the zone of resistance of the 7, 20-7.25 euros and Inditex seems to want to support the Ibex ".

"Our textile giant could be encouraged if in the short term it were able to jump over the resistance of 25.80 euros." For now, the moment oscillators such as the stochastic are clearly turned upwards from oversold levels. We are going to see if this manages to support some weight in the next sessions, "he concludes.