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Acciona: there are conditions to bet on a violent upward exit

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Impeccable side channel with a certain downward slope through which the Acciona titles are moving. Everything suggests that the output of the side will be higher.

Technical analysis
BEARING CHANNEL

Short term

Medium term

Long term

Impeccable side channel with some bearish bias in which the titles of Acciona since April. Recently, the price has touched the basis of it and it seems that it has come out with renewed upward energy. As resistance zone we have the upper part of this side, now at 98 euros. And the truth is that the sensations can not be better, since we understand that this lateral movement simply serves to drain / adjust proportionally the very strong previous rises that led to the title from 70 to 103 euros in a few months. Action-reaction phase. For this reason we will see if the title is finally able to jump easily above 98 euros and if it can be in weekly sails better than better. If confirmed, a quick outcome can be expected with a goal at the 2019 highs (102.85) and above the resistance zone of approx. 124 euros (May 2008 levels).

Daily chart of Acciona since November 2018

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