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Coronavirus Graves Meliá Hotels, which Approaches Critical Media

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In the very short term the titles of Meliá Hotels can bounce strongly because the falls of the last days are from Aúpa. But everything points to a simple bounce.

Technical analysis
BEARING GAP

Short term

Medium term

Long term

From last week's highs (8.40) the titles of Meliá Hotels They leave 12%. The fall has been very fast and this could perfectly cause rapid rebounds (reaction phases), but we must be very cautious. In fact, this Monday he left us a bearish gap, which probably ends up being weekly, at 7.85 euros. Which means that in some way the bias of short-term 'trading' becomes neutral, we are going to demand that this bearish gap be closed or what is the same be canceled. The really worrying thing is that the title can return to the critical support area of ​​6.90 euros. This level has acted as support on numerous occasions: in 2014, 2016 and two other occasions in 2019. That is, the potential drilling of this would be a more than worrying sign of weakness in terms of medium and long term.

But let's not get ahead of the events because support drilling has not yet been confirmed. It is about determining the price level that should not be drilled, under any circumstances, if we want to leave the door open to the possibility that the title has built us a market floor.

Meliá weekly chart since 2013

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