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No matter how much Abengoa rebounds, the impeccable bottom downtrend will remain intact

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Within which is the bottom or primary downtrend, we have a short-term downtrend channel through which the price has been shifting since the beginning of the year.

Technical analysis
BASS CHANNEL
S1
0.0033
S2
0.0027
R1
0.0041
R2
0.0057

Short term

Medium term

Long term

Regardless of the short-term rebounds that always occur (reaction phases) what rules, what always prevails is the bottom trend, the primary trend and this is undoubtedly bearish. Within this trend we have a short term bearish channel since the beginning of the year. And just at this moment we have the price in nobody's zone, halfway between the base of the channel and the upper part of it. Therefore, and even if we do not rule out that the title will be directed towards the top of the channel in the short term (0.0056), everything would remain exactly the same. It would simply be a rebound towards the top of the bearish channel, by definition resistance, and little else. Now only the price at which the stock is quoted says it all.

Abengoa 'B' daily chart

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