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Santander: erre que erre with the weekly bearish gap in March

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Again we have the securities of the leading bank in our country attacking the significant resistance it presents in the weekly downward gap in March, at 2.9175 euros.

Technical analysis
BEAR GAP
S1
2.57
S2
2.41
R1
2.9175
R2
3.25

Short term

Medium term

Long term

We have already lost count of all the times the titles of Santander Bank have tried, so far without success, to close the weekly bearish gap in March in the 2,9175 euros. It is true that the gap has been partially filled on several occasions, but it has not yet been closed or what is the same canceled. This gap has been closed by, among others, the Ibex, BBVA and it seems that this Friday could also be achieved by Repsol. Closing it would be a first sign of strength, no doubt. But this does not mean that you have to experience a 'rally', nothing is further from the truth. It's like a little green sprout within the bottom downtrend. Especially since something higher up, in the area of the 3.25 euros, we have a much more important resistance as it is the main bearish guideline, or primary. At the bottom, on the support side, the most immediate is the recent bullish gap of 2.5755 euros and the December lows of 2.41 euros.

Banco Santander weekly chart

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