Caixabank, after having confirmed the end of its corrective scenario that had cost the value a 50% fall from the highs of 2017 and 2018 where it surpassed in a testimonial way the 4.00 euros to have touched the 2.00 euros the lows of this exercise, is making a retesteo in the form of a pattern of continuation. The advance to the zone of 2.80 euros, which surpassed testimonial has given way to a consolidation before being able to attack the key objective of 3.00 euros. This consolidation puts to the test the zone of 2.60 euros that has its importance since the last tranche of correction after the loss and unsuccessful testing in the recovery of the level accelerated significantly its fall. It was below the projection of the channel with a dilation of the same that had its brake in a few weeks around 2.00 euros. In the test for several times the weekly intraday lows in the vicinity of 2.00 euros left no candle pattern conducive to think about the next upturn, except the high volume of recruitment at those levels that was the only alert to establish ground options. The rebound, just as abrupt as the drop took him very quickly to 2.40 euros with tests to the zone of 2.30 euros in the weekly lows in the levels that if you saw the defense of the value by the volume and having seen the previous supports in the zone of 2.00 euros, they did allow entry with low risk, close stop in the loss of 2.20 euros, to take advantage of at least the last tranche of progress to 2.60 euros that exceeded consistently and with intention a few weeks ago. This completes the objective of the return the “V”, which we know as not figure, because of the difficulty involved in its anticipation, as has become apparent in this case.
From this level they have to confirm the pattern of continuation attacking with success the 2.80 euros that has as next reference of resistance the zone of the 3.00 euros that would leave us already inside a lateral scenario with positive bias that could see confirmed with the overcoming of the 3.20 euros and enable a new stretch of impulse above that level to recover the base of the lateral in the zone of the 3.40 euros and to allow him options to look for again the maximum levels of 2017 and 2018 above the 4.00 euros. For now this scenario has minimum probabilities assigned, and although the continuity of the correction has already been reduced enough, these options of assaulting the maximums do not begin to be contemplated with force as long as they are not exceeded consistently and with intention 3.20 euros.
The risk continues to be in the failure to exceed the 2.60 euros and a new loss of this reference. If this support zone with a maximum extension of 2.50 euros is yielded, the figure is invalidated and could give rise to a larger one, but for this it should test and maintain successfully either the level of 2.30 euros or more seriously the zone of 2.00 euros.
All that is to lose this level means new falls in the medium term to seek the 2016 minimums in tone to 1.60 euros and continue with the sector touched with the ballast that it means for the Spanish selective. For now remaining above 2.60 euros has reduced the probabilities assigned to the scenario of continuity of the correction, increasing the probabilities of the lateral in which we stand. The volume in the pattern is orthodox as it decreases during its formation, but the threat persists in the lower band.