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When will we start looking at Telefónica with different eyes?

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We have the titles of our operator at the gates of the resistance, before support, of 6.37-6.38 euros. In addition, the stochastic moment oscillator still has enough upward travel.

Technical analysis
LOW GUIDELINE

Short term

Medium term

Long term

After a clearly bearish opening of the Ibex and the bulk of the market, we have the titles of our operator in green numbers. At the gates of the resistance presented in the 6.37-6.38 euros, before support. This level is about the line that joins the decreasing minimums of October and November and was attacked without success (pull back) just at the beginning of the year. So that is where we have the first resistance to take into account.

Telefónica daily chart in the last year

But one thing is that the title exceeds a zone of resistance and another very different is that it ceases to be bearish. In front we have the weekly long-term chart, with a very clear resistance in the bearish guideline (with numerous points of tangency) that unites each and every one of the maximum decreases since summer 2015. This happens at the present time for approximately 6.85 euros. But it is also not enough to overcome the guideline. We must demand the price to stop building decreasing maximums, and for this the price has to jump above 7.05 euros (October highs). And if it can be in weekly candles and with slack better than better. Below, on the side of the supports, we have 5.98 and 5.70 euros.

Telefónica weekly chart since 2014

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