We analyze the behavior of stocks such as Inditex, Repsol, Enagás, Amazon or Alphabet with Javier Alfayate, from GPM Sociedad de Valores.
We start with Enagás; We see that it is in the process of rebounding in the short term from 22 euros, it has not stopped falling, it is consolidating but except for consuming time, it looks like it will continue to fall. It’s early to enter. You still have to define if you are going to rotate.
Regarding Kering, Hermes and L’Oreal, which have presented positive accounts, the analyst says that, more than the figures, what is important are the forecasts. At a technical level, Kering, from 750, made a ceiling and was below the 30-week average. From there, good things don’t usually happen. Typically, the consolidation gives way to a clearer downtrend. He is making decreasing highs and lows.
In the case of Hermes, it is doing a little better, above the 30-week average. But also keep in mind that if the sector is bad, it will also be affected. You must not lose the 1,200 euros.
And for L’Oreal, the behavior is similar to Kering, below the 30-week average and close to yearly lows. “It doesn’t give me a good feeling.”
Strategy with the dollar. If we have many dollars in our portfolio, we must control the issue of when to know how to cover. And from 1.18, which is the signal given by the euro/dollar pair not to cover, we are interested in having them, not covering it. Thus, we are extracting what is revalued with respect to the euro. The euro remains bearish against the dollar.
He asks us about Amazon and Alphabet. What the FAANG are, the big technology companies, do not look good, says the expert. Apple and Microsoft were getting off but they are already dragged. When a sector is doing poorly, the money takes refuge in the big ones, but it has a limit and a sale process takes place that also affects them. “Amazon is a seller,” explains Alfayate. For Alphabet, “it’s kind of the same, even worse than Amazon.”
About Repsol, the companies that have exposure to the price of oil are doing better. But if we look at the cycle, thinking that a recession may be confirmed, we have to be careful because the price of oil may fall. “That’s going to happen sometime between now and the end of the year, but for now the chart tells us that Repsol is a hold.”
Inditex, “is not one of the bad guys but it doesn’t do anything, it’s consuming time,” says the expert. “I don’t think it will lose the annual minimum of 20 euros, but it is not one of the values I would have in my portfolio, because the sector is weak,” he explains.
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