The stock market evolution of the telecommunications companies in our country is being very different. The smallest of them is the one that is behaving the best and the worst, Telefónica.
When there are only five sessions left to close 2019, we will review the technical aspect of the three listed telecos in our country. First of all, it never hurts to take a look at what the sector index that encompasses European telecos is doing, the best known as STOXX Europe 600 Telecommunications (or SXKR). East 6% revalued in 2019. In 2018 it was left close to 9% and in 2017 it closed practically flat, without significant changes.
Next, we analyze the graph of the following titles:
The week is rare that we do not analyze the titles of the main operator of our country, but the truth is that we have been referring to the same thing for a long time: the impeccable straight bearish directive that unites each and every successive maximum decreasing since summer 2015. Or what is the same, they are close to four and a half years, quoting below this straight resistance. However, it is not enough to jump over the bearish guideline, we also have to demand the price you confirm (preferably in weekly candles and if it can be with volume increase better than better) above the resistance that gives it the last decreasing maximum, at this time at 7.05 euros (adjusted the price series to the last dividend that has just been distributed).
Moreover, above the October highs one could guess a potential "head and shoulders" invested with important bullish implications for the titles of our operator. But let's not throw the bells on the fly so soon because, for the moment, we have nothing. Simple rebounds within an impeccable downward or primary downward trend.
The titles of this company are shifting laterally for about a couple of years. Within a wide range of prices with support at 16 and resistance at 26 euros. Which means that, if this side finally breaks up, we will have an important sign of strength in terms of medium and long term in the title. Although there is still a lot to do: jump over 26 euros. That said, and in the short term I would like to keep the fact that the last correction has been stopped, to the tick, in the support that gives the bullish hollow of the session of October 1 at 18.65 euros. So this has been filled in almost entirely and, from there, could try to restructure upwards. Of course, be very careful with drilling said support / closing the bullish hole, since we would not rule out even a return to the minimum of this summer in the area of approximately 16 euros. From the steep rise from the October highs there are four maximum decreases since then. And so it doesn't go up. Therefore, it is convenient to be cautious in the short term with the evolution of the company chaired by Meinrad Spenger.
However, regardless of the short-term corrections, the really important thing continues to be in the resistance that it has in the historical maximums (the 26 euros) because only by jumping above we will have a medium-long-term trend change, from lateral to bullish again.
We have him turning down in full resistance zone, specifically in the top of the bullish channel through which the title has been moving, with maximum precision, since October 2018. The upper part of the channel currently passes for approximately 9.55 euros and if it was able to jump over, it can be said that it no longer It has significant resistance to historical highs that marked a few weeks after its release in the markets at 10.70 euros. Below, on the side of the supports, we have an important control area at 8.60 euros (before resistance) and below and of greater relevance still the base of the bullish channel, now at approximately 7.80 euros.
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