This week the flagship index, Tel Aviv 35 recovered from the low recorded last week. The positive trend recorded this week was horizontal led by bank shares and real estate shares. The trading week in Tel Aviv closed with price increases in the leading indices. The Tel Aviv 35 Index and the Tel Aviv 125 Index rose by 3.25% and 3.19% respectively. The Bank Index rose by 2.88% and the Tel Aviv Real Estate Index jumped by 5.99 %. The opening of the week is expected to be less optimistic.
In the U.S., trading closed at the end of the week with falling rates due to the collapse of Silicon Valley Bank by about 63% on Thursday, and on Friday trading was halted after another 50% collapse in early trading, when the Fed took ownership of the bank, whose main activity is granting loans to start-up companies. The bank that serves Silicon Valley’s startups announced a $1.75 billion IPO and the sale of billions of dollars worth of securities at a loss. The fundraising failed while the companies chased the funds deposited in the bank. There are fears in the market that the collapse may be the fastest black swan in history.
In the local market, the consequences of the SVB saga are awaited, meanwhile the Compugen company updated last night about the exposure to the American bank when 1.3% of its cash is held in the bank, estimated at about one million dollars.
Also in the local market, among the prominent stocks this week in the Tel Aviv 125 index we note Shikhun and Binui which jumped by 13.21% and the subsidiary Shikhun and Binoy Energy jumped by 12.27%, Akro jumped by 11.75% and Harel and Liveperson jumped by 10.53% and 10.45% respectively On the other side of the table, Apollo Power and Generation Capital shares stood out in decline, shedding 17.66%, 6.45% and 5.64% of their value respectively.
Of all the market shares, we mention Arith Industries, which rose by 59.28%, Next Vision jumped by 21.45%, and the Had share jumped by 19.71%, on the other hand, the Lodzia share, Shimayim and Maysize stood out with sharp declines of 19.26%, 16.80% and -16.78% respectively.
In the weekly summary, the Tel Aviv 35 Index rose by 3.25%, the Tel Aviv 90 Index rose by 3.17%, the Bank Index rose by 2.88%, the Real Estate Index rose by 5.99%, the Oil and Gas Index rose by 3.46% And the biomed index fell by 1.13%. In the foreign exchange market, after the sharp jump recorded last week, the dollar weakened this week and is now (Friday) trading around the level of NIS 3.6 per dollar.
Tel Aviv 35 index technical forecast – Tel Aviv 35 index rose this week by 3.25% and closed at a level of 1,799.32 points. The trading week opened with price increases that continued until Thursday, contrary to the negative trend recorded in the US stock markets, with in the background President Herzog’s announcement that behind the scenes a political compromise is being forged regarding the legal reform. Technically, the index opened the trading week with an increasing price gap, above the support zone that was broken last week around 1,750 points. From above, the area of 1,830-1,840 points constitutes close resistance. The increase recorded this week does not change the dominant trend in the market, it is an upward correction within a downward trend, therefore the assumption is that any increase will lead to a deeper downward wave. In the current situation, if there is no continuity for the trading week Passed, the assumption is to test the 1,750 point area. If buyers arrive in this area, it will be possible to mark this area as support again.
Shekel-Dollar – The dollar is recovering this morning (Friday) after falling sharply during the trading week from a level of NIS 3.67 per dollar to Thursday’s low of around NIS 3.569 per dollar. Despite the drop recorded this week, the price structure remains positive at this point. A short-term trend change will only be accepted by breaking below NIS 3.54 per dollar. In the short term, the 3.626 area is a spot resistance.
The German DAX index – The German DAX index traded throughout the trading week in a stable and narrow price range and continued the sideways movement of the last weeks in the range and below the resistance zone around 15,660 points. A breakout of this area upwards will be a trigger for the continuation of the correction rising towards the annual record around 16,290 points. The working assumption is valid as long as the index trades above the recent low around 14,900 points.
The S&P500 index – the index concluded a negative trading week near the point support area around 3,900 points. Technically, the price structure remains measurably higher than the low recorded in October 2022 and the rising structure will be maintained as long as it trades above the 2,800 point area where important support for the short term lies. From above, the 4,075 point area is point resistance.
Bitcoin – This week the Bitcoin currency broke down the support level around $21,400-21,500 and continued to fall below the $20,000 mark. At this stage, due to the intensity of the realization, there is a possibility of the continuation of the negative momentum and a drop to the important support area around 18,000-18,200 dollars. From above, the 21,400 area will serve as a resistance area.
stock analysis
ICL (281014) – The company’s shares are traded on the Tel Aviv Index 35. The stock has been shuffling for some time in the price range of 2,760 points from the top and 2,450 points from the bottom, which serves as an important horizontal support. A reliable breach of the upper shuffling range will be a positive trigger for the beginning of an upward correction and a transition For an ascending price structure. In this case, the nearest target was marked in the 2,920 point area and above it the 3,080 area is more substantial resistance. The working assumption is valid as long as it trades above the important support area. To follow.
Delek Group (1084128) – The company’s shares are traded in the Tel Aviv Index 35. At the beginning of the week, the stock broke through the resistance area around 36,700 points and later in the week it was established above this area. The working assumption for the short term is the continuation of the upward correction to the area of 40,000-40,500 points as a near goal. On the other hand, A pullback below the breached resistance zone will return the stock to the range of the last shuffle 31,700-36,700 points.
Mitronics (1091065) – The company’s shares are traded on the Tel Aviv Index 90. The stock has suffered sharp price drops in the past year, but since the beginning of 2023 it has come out strong from the recent lows and has since moved sideways. The configuration of the last month is very bullish, a lock above 4,500 points can clearly open A move appears on paper with an initial pattern target of 5,100 points in the first stage and a full target for the region of 5,800-6,000 points.
Delta Galil (627034) – The company’s shares are traded on the Tel Aviv Index 90. Also this week, the stock traded stably in a narrow price range and was established in a positive configuration below the horizontal resistance zone around 15,360 points. This zone served as an important support and broke downward at the end of last November. Breaking and establishing above The resistance zone will be a positive trigger for the continuation of the rising correction to the resistance zone and the high of the month of November around 17,600 points.
Leumi (604611) – The company’s shares are traded on the Tel Aviv Index 35. The stock recorded a positive trading week following the reversal of the trend recorded last week above the important support area around 2,760 points. Technically, the stock oscillates between this support area and a resistance area around 3,090 points so that the breakout of the resistance will be a trigger for the start of a move.
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Index analysis
stock analysis
This review is intended to help people get a personal view of the sponsor team about the market and about its possible directions, but the analysts cannot be sure of the realization of the scenarios raised as nothing is certain in the capital market at all. Regarding all the shares mentioned above, the above does not contain a recommendation or advice to buy or sell or perform any other action in the shares mentioned, the writer of the lines may own some of the shares in question. Anyone who takes an action, does so based on his judgment only.