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BBVA tries to curb falls at 2009 lows

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After the debacle experienced by the markets in the last four weeks, it seems that both the Ibex and its components are in readiness of trying to build a short-term bounce. A counter trend movement that somehow serves to proportionally drain / adjust the previous violent drops. Action-reaction phase. This potential move may lead the stock to price levels close to the 3.50 euros as the first objective and the area of ​​the four euros as the most important resistance. Thus, if it occurs, this movement would fit into what is a rebound within a corrective phase of a higher order. Not from a change in trend. Or at least not today, since we have no figure of any return. Nor is expected. We are going to see if the 2009 lows, which is where it is practically now, manage to put an end to the corrective phase. Piercing them would be a clear and more than worrying sign of weakness.

1998 BBVA Monthly Chart

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