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Santander, BBVA, Telefónica and Repsol continue to weigh down the Ibex 35


Start a new course with the Ibex 35 offering a very poor technical aspect. The selective Spanish fight to maintain the 7,000 points although we must bear in mind that since it drew the maximums of last June it has not raised its head drawn decreasing minimums. Today it does not seem crazy that the index ends up attacking the level of 6,400 points and more after seeing the technical aspect offered by the most important values ​​of the Spanish selective.

Technical analysis

Be very careful with the technical aspect of the Santander Bank which is close to the support of 1.7760 euros, annual lows. The value seems to have no strength as the last bounce after approaching these levels has been minimal. As if that were not enough, the bearish gap that was left in June remains in force, which worsens its technical prospects even more. If in the end it ends up losing these levels, it is most likely that we will end up seeing an extension of the falls to the level of 1.50 euros.

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He BBVA it offers an even worse technical aspect. The bank has come to drill, in recent days, the annual minimums and undoubtedly offers one of the worst technical aspects of the Spanish selective. Much has to change in the company in the coming weeks so that we do not end up seeing an extension of the falls to the level of 2 euros. We would only see some light in its price series with the exceeding of the 3 euro level, prices close to 20% above current prices.

Telephone has confirmed a new sign of weakness by spraying, in recent days, the annual lows that it presented at 3.38 euros. In the last two and a half months the company has dropped more than 30% and removing the odd occasional rebound, the most normal thing is that we end up seeing an extension of the current downtrend to the level of 2.90 euros.

Repsol It is also showing signs of tremendous weakness in its daily price series after drilling, this past week, the lows it drew last August at 6.46 euros. Its technical aspect for the next few weeks is very complicated and it seems very likely that we could end up seeing an extension of the falls to the level of 5.58 euros, annual minimums.


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