The oil company has rallied nearly 20% in just under 5 weeks thanks in large part to the strong rebound in the price of crude oil.
After an explosive bullish move, Repsol seems to have slowed its trend momentum largely driven by the congestion zone located between 11.50 and 11.80 euros. A weekly close above the upper part of the range would leave the stock in a relative free rise phase, a scenario conducive to developing a second bullish impulse in search of 12.40-12.70 euros, the point where its medium-term bearish guideline currently runs. Below, 11.30 and 10.80 euros are the supports to watch.
Pro1 PREMIUM Portfolio
Resistances: €11.80, €12.20, €12.40, €13.50.
Supports: €11.30, €10.80, €10.50, €9.90.
Targets: (Bullish) €12.70, €13.50, €14 (Bearish) €9.60.
Trend structure in REPSOL:
- Short term: Bullish.
- Medium term: Neutral.
- Long term: Neutral-bearish.
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