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Sabadell has a real wall in the bearish guideline of the last three years

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Since the end of April we have been witnessing a real 'rally' in the Sabadell titles, which accumulate a rise close to 50% in less than a month. In this 'rally' the entity has managed to close / cancel the weekly downward gap of March 2020 at 0.6664 euros.

Technical analysis
BEARING DIRECTOR
S1
0.58
S2
0.50
R1
0.6840
R2
0.72

Short term

Medium term

Long term

Citi analysts recently raised Banco Sabadell's valuation to 70 cents per share from the previous 50 cents per share. In addition, they reiterated their neutral advice on value, waiting for the entity to present your new Strategic Plan this Friday, under the direction of the new CEO, César González-Bueno. Technically and from a graphics point of view our objetive in the weekly bearish gap of 0.6665 euros it has already been fulfilled.

At this point we have the next control zone at the top around the corner, the straight resistance with several points of tangency that joins each and every one of the decreasing highs since the beginning of 2018. At that time the stock was trading at the 1.70 euros. So that the straight at this time passes through the area of ​​approximately 0.72 euros. Then until there we can hope that the increases have continuity and then we will see how the price behaves. At the bottom, on the support side, the most immediate is at the lows of the May 19 session at 0.58 euros (a session in which the value plummeted 10% in a few minutes).

Banco Sabadell weekly chart

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