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Another new decreasing minimum for Repsol and thus it does not rise

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In the short term, we cannot rule out important rebounds in the oil company's stocks given the extreme oversold accumulated in many of the oscillators at the moment.

Technical analysis
SHOULDER HEAD SHOULDER

Short term

Medium term

Long term

One-off bounces apart from the extreme oversold of the long-term chart of Repsol continues to invite the greatest pessimism. East long-term declining support is starting to pierce more clearly to which we have been referring in recent times. The support that joins the successive decreasing lows since mid-2012. Intraday, last week the title broke through the support of 5.30 euros: the minimum of 2009. So it can be said that the damage has already been done by how much we have another new decreasing minimum which serves to give continuity to the impeccable succession of long-term decreasing highs and lows. What is nothing other than the simplest definition of what a downtrend is. Even what we have in front of us is a potential 'head and shoulders' that a priori I find it difficult to believe that it can be fulfilled due to the tremendous bearish implications that this would have for the title in the medium and long term. Much has to bounce this title from now on to somehow get away from the dangerous area with which price is playing at the moment.

Repsol weekly chart

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