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Repsol plays with fire by attacking long-term declining support

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Repsol has presented a net loss of 94 million euros in the third quarter, which increases its losses from January to September to 2,578 million.

Technical analysis
SHOULDER HEAD SHOULDER

Short term

Medium term

Long term

We recently said of the titles of Repsol that presented an interesting buying opportunity based on the upward reaction by the price from the declining support of the last eleven years. And we put as a condition that the last decreasing support be respected at all times (5.37), which is exactly where it is at this moment. We are going to see what the closing of the weekly candle holds because it can be decisive. So, a weekly close with clearance below support to which we have referred would be another clear sign of weakness, a prelude to what could be a movement towards the support of four euros: the minimum of 2002. This is the reason why we say what we say, that Repsol is flirting dangerously with the supports. As more immediate resistance we have the last decreasing maximum at 6.42 euros.

Repsol weekly chart

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