Enagás, which set new significant historical highs of around €26.00 this year, had a natural consolidation that left it in the lateral range between €23.00 and €25.00, before suffering a very sharp and significant correction in three weeks that led it to the base of the previous lateral movement between 2015 and the first three quarters of 2018, up to the €19.00 zone. Quite a bit against the forecast on the technical expectations that until now projected. The jug of cold water to the seen evolution is costing several months in its recovery.
This recovery began by looking for a mini double floor pattern that was confirmed when exceeding € 20.50 and had a goal in the area of € 22.00 that have been overcome just two weeks ago consistently and with intention. During this process the volume has been increasing according to the impulsive phases of the price. To reach now a significant resistance zone between 23.00 €-23.30 €. It has stopped around those levels, but may be making a continuation pattern that we will keep as in force as long as it does not yield in weekly closing the level of € 22.00.
The volume pattern during the figure would also be orthodox and it will be interesting to see how it behaves if it is finally confirmed, as it should increase in the escape process. To see this confirmation has to break intentionally and consistently the level of 23.30 €. If this is achieved the theoretical objective of the figure is projected in the range of 25.00e-25.50 € where it is also the previous level of resistance before thinking of reattacking the area of historical highs and last year on 26.00 €. He would then have options to look for a new impulsive scenario abandoning again the lateral with objectives on the 27,00€-28,00€, but for the moment this scenario still presents low probabilities assigned and would only begin to increase with the surpassing of the 23,30€.
If you do not confirm the pattern and yield the 22.00 € remains within the previous side still maintaining the slightly positive bias, but below 21.00e this becomes negative and leave options again to attack the annual lows if it yields the support level of them 20.00 €. with the aggravating then to be able to confirm a higher ceiling pattern that below 18.00 € is confirmed and points to a medium-term corrective scenario with a target in the area of 15.00 €. For now this scenario has the minimum probabilities assigned, but we can not rule it out until they exceed 25.00 €.
If you continue with the situation of positive seasonality for equities the chances that you can achieve this objective remain as first choice.