Medium term view - BBVA : Triple top
The trend is still bearish, the invalidation level is above €6.269. The target is at €4.083.Arguments :
- Prices have pulled back to the major resistance level (previously a support). The fall is now resuming.
- The moving average is capping prices.
- The first target of the triple top has been reached, nonetheless, as the pattern reversed the trend, the fall may continue.
Banco Bilbao Vizcaya Argentaria is an international financial group, engaged primarily on providing banking services and consumer finance to private individuals and businesses in Spain and Portugal; providing real estate activity in Spain; providing services to international companies and investment banking, capital markets and treasury management services to clients; and providing the banking, insurance and pension businesses in Mexico and the U.S., as well as in South America.
DayByDay is an independent research company providing global macro and single stock analysis, recommendation and allocation based purely on behavioural finance methods. Those include long term cycle analysis, sentiment analysis, and technical trigger. DayByDay serves all clients in need of practical and precise publications to make effective market decisions, on any time horizon, from a few hours to a few years.
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