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Although delayed, Santander sets course for the weekly bearish gap in March

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The titles of the Cantabrian entity are somewhat behind in comparison to those of BBVA, which last week were able to close / cancel the weekly bearish gap in March.

Technical analysis
BEAR GAP

Short term

Medium term

Long term

It must be recognized that Santander is doing very well since the price managed to make ground in the support level of 1.50 euros, which is where we commented on numerous occasions that the return-risk equation was optimal. And until today. Which means that all those who go long around that area can and should sleep soundly regardless of what the price can do in the short term. At this time, the stock seems to want to leave behind the important resistance zone that it presents in the price range between 2.50-2.55 euros: the lows of 2016 and the highs of June. If he ends up confirming above, as it seems, it can be said that he has a clear path, finally, towards the important resistance that he presents in the weekly bearish gap in March: 2.92 euros. That is where we have the most important resistance in recent months and to cancel it the securities of the Cantabrian entity must be placed above the closing price on a Friday.

Santander weekly chart

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