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How far can Telefónica, Santander and Repsol bounce?



We must not forget that its main trend is clearly bearish

Technical analysis

Repsol has managed to hold in the vicinity of the minimum for the year that presented in the vicinity of 5.58 euros. The decreases since it drew the maximums for the month of June reached more than 40% although it seems that it intends to rebound due to these prices after the last increases experienced by the Ibex 35 company. We will see the strength of purchases with overcoming the resistance of 6.46 euros. If in the end it manages to get above these prices, it is likely that we could end up seeing a more important recovery that could end up extending the gains to the level of 7.50 euros. The key level of support that we should not lose sight of is at 5.37 euros, the minimum of last day 2 of this month.

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Telephone has reacted well in the vicinity of the support of 2.80 euros. The strong rises on Monday and Tuesday of last week allow it to trade very close to the key short-term resistance located at 3.38 euros. After uninterrupted falls of 40% from the highs in June, we could see a rebound in the coming weeks. The magnitude of the increases in the short term will depend on its behavior at 3.38 euros. If it manages to overcome it, we could end up seeing an extension of the profits up to the level of 4 euros. The support to watch is at 2.85 euros. With the abandonment of this price level, the possible rebound in the short term would be canceled.

Shopping enters the Santander Bank after falling to the vicinity of the key support of 1.50 euros. Like Repsol and Telefónica, the bank has dropped more than 40% from the June highs and is currently in full technical rebound. The key resistance is at 1.80 euros. If it manages to exceed these levels, it is very likely that we can end up seeing an extension of the gains to the vicinity of 2.10 euros. That is, in the medium and long term we do not see any signs for a change in trend, so we must be very cautious when taking positions bearing in mind that, for the moment, it is only and exclusively a rebound.



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