The violent bearish gap left at the end of November continues to put downward pressure on the stock.
The bearish gap left at the end of November continues to put downward pressure on the stock. The range between 3.05 and 2.90 euros (height of the bearish gap) seems to act as a brake on Santander’s recovery. In fact, its main moving averages (200 and 50 sessions) are currently around these levels, a handicap that makes it more difficult to overcome. A daily close above 3.05 euros would confirm a short-term bullish reversal, an event that could quickly push the stock towards the old support, now resistance, at 3.20 euros. 2.80 and 2.65 euros are, for the moment, the closest support references to watch. The loss of the second one on a weekly scale would leave the stock in a relative free fall phase, a scenario prone to develop a subsequent corrective stretch in search of its next structural support located around 2.20 euros.
Resistances: €2.95, €3.05, €3.20, €3.40.
Supports: €2.80, €2.65, €2.40, €2.25.
Targets: (Bullish) €3, €3.20, €3.50 (Bearish) €2.70, €2.40, €2.20.
Trend structure in SANTANDER:
- Short term: Neutral-bullish.
- Medium term: Neutral.
- Long term: Neutral-bearish.
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