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If we believe that Telefónica's double ceiling is pointing towards the lows of 2002

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A few minutes ago we witnessed an important whiplash to the downside in our Ibex, which has caused it to drop by around 3% and Telefónica has dropped 7% in this movement.

Technical analysis
DOWN TREND VALUES

Short term

Medium term

Long term

We know that there are no infallible tools in the markets, neither from the point of view of technical nor fundamental analysis. But as a technical analyst I owe myself to what the price does and only the price. And of course there are figures that can fail, otherwise the market would be relatively easy. And I assure you that it is not at all. Technical analysis is much more complex than looking for figuresThat is only part of chartism. It also has to do with looking for correlations (direct or inverse) with other assets (bond, oil, gold, etc.), divergences and many other variables to analyze on a day-to-day basis.

That said, what we have is a large double roof that was confirmed by drilling the support of the 2012 lows: 5.30 euros. And if this is fulfilled the projection launches you towards the minimum of 18 years ago, at approximately 2.70 euros. And this is independent of whether we can attend a 'pull back' or not towards the resistance, previously support, of 5.30 euros. This great formation of bearish implications is more than confirmed and it has taken him a long time to form it. Which means that your goal would also take your time. Everything is possible in the stock market, do not hesitate. Or as they say think of the unthinkable and you will be right.

Finally, Telefónica closed with falls of around 10% and with very high trading volume (48 million shares), which means that the move looks like it can be serious. In recent weeks, the session has been rare in which the operator has reached 20 million shares and today it has more than doubled. Bad business.

Telefónica monthly chart since late 1997

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