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
- 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.
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