Tailwind for the European banking sector that takes advantage of the optimism generated before a possible economic recovery with a return to cyclical values.
Very important technical improvement that we have been able to observe, this past week, in the Santander. The Spanish bank managed to overcome, with a significant trading volume, the annual maximums it presented at 3.0680 euros. This break occurred after the formation of a throw back at the level of 2.80 euros, which confirms the strength of the current upward trend. In addition, the bank has overcome resistance in the medium and long term, so it seems very likely that we could end up seeing an extension of profits to the level of 3.50 euros, prices that we do not rule out that it may end up being reached in the coming weeks. We will not appreciate even the slightest sign of weakness as long as it remains trading above 2.77 euros, prices where we saw how it gave way to a double bottom.
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Very good sign that we can see in BNP Paribas which confirms the overcoming of the resistance of 53.66 euros. After two months of lateral movement it seems that the lateral movement of the last weeks is ending. The company improves its technical outlook and it seems very likely that we could end up seeing the beginning of a new bullish momentum. The upward target could be placed at 58 euros, the result of projecting the amplitude of the last lateral movement after the break of 53.66 euros. Good accumulation levels give consistency to its current uptrend. We will not appreciate even the slightest sign of weakness as long as it remains trading above 49.18 euros.
Very attentive that Credit Agricole it is drilling, this Wednesday, the resistance of 12.69 euros. These prices correspond to the upper part of the lateral band in which it has been moving for two months, so everything seems to indicate that we could end up seeing the beginning of a new upward momentum. For the next few days it is very likely that we can end up seeing an extension of the profits to the maximums of last year that will draw at 13.80 euros. Good accumulation levels give consistency to the current uptrend.