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Santander is choking the bearish guideline again

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A bearish guideline is a line that presents impeccable decreasing maximums and that must meet the condition of having at least three points of tangency or support in it.

Technical analysis
BEARING DIRECTOR
BEARING DIRECTOR

Short term

Medium term

Long term

It is a resistance zone where the slope is negative and each time the price touches it there is a paper discharge. That is, the supply is higher than the demand and therefore prices fall. And that is what we have in front of us, a straight (dynamic) resistance that joins each and every one of the successive decreasing highs since the beginning of 2018 and that currently passes through the area of ​​approximately three euros. This practically coincides with the resistance conferred by the last great decreasing maximum at 3.07 euros. Or what is the same, the range of 3-3.10 euros is the resistance to beat to start thinking about something else in terms of the medium and long term. Above it, the price presents another important resistance in the weekly bearish hole of 3.62 euros (weekly bearish hole at the end of February 2020).

Banco Santander weekly chart

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