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Although it may not seem like it, Grifols has never stopped being bullish



Grifols' titles continue to skyrocket in the heat of his trial to develop a drug against Covid that offers immediate immunity. Its shares bounce another 4%, after rising 2% on Monday when it announced the news.

Technical analysis

Short term

Medium term

Long term

News aside, the truth is that we have been repeating over and over the same song in the titles of Grifols. It is bullish in terms of medium and long term, even though it corrected strongly for much of 2020 and even despite the boring and heavy side of the last few months. So just look at the long-term weekly / monthly chart to realize it. In this case we have chosen the monthly candles to eliminate as much noise as possible and what we find is an impeccable bullish channel through which the price has been moving since 2014.

The only condition that we have demanded from the price to open / maintain longs (bullish positions) in recent months, and we maintain it, is that under no circumstances can it pierce the important decreasing support that it presents in the September lows, in the 21.27 euros. As a curiosity, the upper part of the channel (dynamic resistance) is currently in the 37 euro area.

Grifols monthly chart

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