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If we try it in Cellnex, better at the base (support) of the bearish channel

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At this moment we have Cellnex stocks attacking the support it presents in the January lows of 45.75 euros. Below that we have the base of the short-term bearish channel.

Technical analysis
BEAR CHANNEL
S1
45.75
S2
43.60
R1
50.40
R2
51.06

Short term

Medium term

Long term

Yes, despite the 20% falls from the November record highs of 57.82 euros Cellnex continues to be a bullish value in medium and long-term terms. Another thing is that in the short we have him in a corrective phase (decreasing highs and lows). You can't go up forever and ever. Action-reaction phase. At this moment we have him attacking the support that he has in the minimum of January at 45.75 euros and if this is pierced, it is most likely that he will look for the base of the downward channel through which the price has been moving since November. In fact the theory says that "at the base of a channel if it is bought, it does not sell". And this happens at the present time by around 43.60 euros. The strong daily oversold already shows extreme readings, which under normal conditions is usually synonymous with the fact that the ground of the correction should not go very far. At least in terms of rebound and in the short term.

Cellnex daily chart

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