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EURO STOXX Banks hits yearly highs: figure back in sight?

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The index that collects the evolution of the main banks of the Old Continent accumulates a revaluation of 15% from the minimum of July. In this period the Ibex has risen 9%.

Technical analysis
SHOULDER HEAD INVERTED SHOULDER
SHOULDER HEAD INVERTED SHOULDER

Short term

Medium term

Long term

As seen in the daily chart of the EURO STOXX Banks This is already very close to the resistance it has in the annual highs (100.50) and that at the same time coincides with the straight resistance that joins the decreasing highs of April 2019, February 2020 and June of this year. Or what is the same, the control zone above is in the 100-101 points as resistance to beat.

But not only that because, in addition, to beat the zone of annual highs with ease and in weekly candles we will have a new sign of strength for all the banks of the Old Continent. In fact, even a potential formation of important bullish implications is guessed for the price in 'head and shoulders' reversed. A figure that, with its counter-trend corrections, should launch it well above even the 2018 highs at 144 points. In any case we are talking about the beginning of a new uptrend momentum and in terms of the medium and long term.

EURO STOXX Banks Daily Chart (SX7E)

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