The telco has managed to cancel the bearish breakout gap left at the end of November.
The telco has managed to cancel the bearish breakout gap left at the end of November. This event could act as a bullish catalyst and give continuity to its current upward movement, pushing it quickly towards the last structural resistance located at 4.10-4.15 euros. A weekly close above this level would confirm a new bullish continuity signal, a scenario that would be conducive to the development of a second leg in search of the upper part of its medium-term bullish channel, i.e. 4.40 euros. Below, the 3.80 euros level is the closest support reference to watch.
Resistances: €3.99, €4.08, €4.14, €4.36
Supports: €3.87, €3.83, €3.80, €3.70.
Targets: (Bullish) €4, €4.08, €4.15, €4.36 (Bearish) €3.80, €3.70.
Trend structure in TELEFONICA:
- Short term: Bullish.
- Medium term: Neutral-bullish.
- Long term: Neutral-bullish.