Telefónica is extremely weak. So much so that at this moment it is attacking the important support it presents in March lows.
Another proof of the extreme weakness of Telephone is that we have attacking, with great danger, the important support that presents in the March lows (3,389). In fact, at this moment it is already trading below and since we are facing the last session of August, everything indicates that we are going to finish closing the month by drilling the support. So, if confirmed, it can be said that we no longer have any support until the zone of the approximately 2.50 euros: the minimum of 2002. Either things change a lot or in the end the great flysheet that we already commented in mid-March, it will end up being fulfilled.
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