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The moment of truth has arrived at BBVA: the main bearish guideline

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Since the lows of mid-July, the rebound in BBVA stocks is close to 20% and they place it at the gates of the important control zone that it has in the vicinity of 5.95-6 euros. It is a true wall that will not be easy to leave behind.

Technical analysis
BEARING DIRECTOR
BEARING DIRECTOR

Short term

Medium term

Long term

A bearish guideline is a straight that presents flawless decreasing highs and that it must meet the condition of having, at least, three points of tangency or support in it. We are not worth just two touch points. At the end of the day, it is a resistance zone where the slope is negative and in which every time the price touches it there is a paper discharge. That is, the supply is higher than the demand and therefore prices fall.

Next, we can observe how in the case of BBVA we have a straight (dynamic) resistance that joins each and every one of successive decreasing highs since early 2007, with at least five points of tangency, and which is currently passing through the the 5.95-6 euros. In theory this level will not be easy to leave behind, it is likely that the mother of all battles will be forged here, especially due to the upward implications in terms of the medium and long term that this may have if it is easily exceeded. .

BBVA weekly chart since 2005

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