The bank faces the beginning of 2022 in the area of annual highs.
The stock has accumulated a revaluation of more than 50 percentage points since the lows set at the end of January 2021, a spectacular revaluation that has brought it close to former structural support levels, now turned into hard resistances to be beaten. €62.50 (last relative high) is one of them. Its overcoming at daily closing prices would confirm a new bullish continuity signal whose projection could quickly push the stock towards €68.50-69. Once there, BNP should face the triple multi-year high left in mid-2018. Below, €57.80 and €55.10 are the levels to watch. The loss of the latter on a weekly scale would nullify its current bullish recovery scenario, a context that could trigger a subsequent sideways-to-bottom consolidation leg in search of its next primary support located around €47.80.
Resistances: €62, €62.50, €64, €68.5-69.
Supports: €57.80, €55.10, €50.50, €47.80.
Targets: (Bullish) €62.5, €66, €69 (Bearish) €58.20, €55, €48.50.
Trend structure in BNP PARIBAS:
- Short term: Neutral-bullish.
- Medium term: Neutral.
- Long term: Neutral-bearish.