Long
IBEX35 Eyes 14k Mark, Driven by Banking & Construcction Sectors
Ion Jauregui – Analyst at ActivTrades
The IBEX 35 continues its bullish trajectory and now sits just over 1% away from the 14,000-point level—figures not seen since 2008. This upward momentum is being fueled by strong performances in the financial and infrastructure sectors, with eight of the index’s constituents reaching yearly highs.
In the banking sector, Banco Santander leads with a 56.5% gain so far in 2025, followed by Bankinter (+49%) and Unicaja (+53.3%). This rally reflects a favorable interest rate environment and renewed investor confidence in the European financial sector. Insurer Mapfre also stands out, rising 36%.
Infrastructure firms further support the market's positive tone. Sacyr has hit a new high at €3.4, while ACS and Ferrovial remain solid bets, climbing 18.3% and 9.1% respectively. Acciona has advanced 16.3%, thanks to its defensive profile and strong focus on renewables. This bullish market phase coincides with Spain’s improved GDP performance, which has returned the country to the global top 12 economies. Additionally, Bloomberg analyst consensus sees the IBEX 35 reaching 14,546 points, implying further upside potential of 5.3%.
Across Europe, attention is focused on corporate earnings and ECB decisions. The DAX is up 17% year-to-date, the EuroStoxx 50 has gained 9.7%, and France’s CAC 40 is up 5%. However, certain stocks like Rovi and Solaria have seen declines of over 15% in 2025, reflecting a sector rotation toward more stable and defensive assets.
Technical Analysis
The IBEX 35 has resumed its upward trend after decisively breaking through the 13,600-point resistance— a level that had previously acted as a ceiling on three occasions, most recently on April 29. This breakout has been reinforced by strong performances in the banking and infrastructure sectors, confirming a trend reversal that began on April 17.
The Point of Control (POC), located at 13,520 points, had served as technical resistance in recent weeks and aligns with the 100% Fibonacci retracement level. On Wednesday's session, the market opened with signs of indecision and high volume in the first two candlesticks, which was followed by a strong upward move that has continued into today. However, the current session began with a slightly bearish tone in the first hour.
From a volume profile perspective, the current market distribution is divided into three zones, with the price currently situated in the upper range. This positioning could suggest a partial pullback toward the POC around 13,520 points, especially if the index fails to consolidate above 13,800.
Delta pressure analysis shows a strong buying zone around 13,700 points. Meanwhile, the RSI stands at 58.64, indicating a slight overbought condition. This suggests there may still be room for an extension toward the 14,000-point level, where a corrective pullback toward 13,520 would be likely.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.