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BBVA and Santander respect supports despite the sharp falls in the Ibex


Despite the significant falls on the Ibex this Monday, we are not seeing the two largest banks in our country lose support. Which does not mean that they are not bearish because they clearly are.

Technical analysis

Short term

Medium term

Long term

Despite the sharp falls in Ibex and the financial sector as a whole, it can be said that at least for the moment the two largest banks in our country are not drilling supports. At least not the ones that really matter at the moment. It is true that if we look at the charts intraday we can always find small supports and intermediate resistances, but the real ones, the ones that really matter are plotted on daily and weekly candles. So for example the falls of BBVA This Monday fits a priori into what is a 'throw back' to the top of the triangle was overcome to the upside at the end of last week. Read here the analysis that we have carried out this morning on the Basque entity. So in the very short term we have the area of ​​approx. 2.80 euros (the upper part of the triangle) and below and still more relevant, although far from now, the March lows in 2.42 euros.

BBVA daily chart

While Santander, much weaker than BBVA, since it recently drilled the March lows, it has not drilled supports because the most immediate we have it in the annual lows: 1.8645 euros. It is bearish without reckoning because we have decreasing highs and lows in all time frames, but it has not drilled new supports yet because for this it should lose the lows of the session on April 21. The Cantabrian entity is weaker than the Basque ones because in the last correction the price was below the March lows, which its most direct competitor, BBVA, has not done. As supports to monitor in the very short term we have the annual minimums (1,864) and below those 1.77 euros (2009 lows).

Banco Santander daily chart

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