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Inditex enters reaction phase: double roof in sight?

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In view of the Inditex stock chart, we can see the verticality of the last big bullish momentum. Section that, without a doubt, must be corrected / adjusted before continuing to climb positions.

Technical analysis
DOUBLE ROOF
S1
31.15
S2
29
R1
32.19
R2
34.35

Short term

Medium term

Long term

The bullish rally of the titles of Inditex since December it has been important (+ 16%) and as we sometimes like to remember, nothing goes up forever and ever without its corresponding reaction phase / proportional adjustment of previous rises. What we have been calling for a lifetime: action-reaction phase. In the short term we have a small support at 31.15 euros, a price reference that has been supported twice in recent weeks. The drilling of this in closing prices would confirm a small double roof with bearish implications towards at least 30 euros. But even if it corrected towards the support area, before strong resistance, of the 28.90-29 euros Nothing would have happened here. We would only be talking about a 'throw back' towards the new support area, before resistance.

Daily chart since March 2018

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