What does it take for Repsol to confirm a new upward momentum?

What does it take for Repsol to confirm a new upward momentum?

Repsol is undoubtedly one of the securities that is doing the best, by far, since the October lows (4,874). Since then the price has more than doubled in price. What can be observed with simplicity is how the resistance of 11 euros (weekly bearish gap at the end of February 2020) has acted as resistance. In addition, this now resistance coincides with the lows of 2018 and 2019 , then they acted as support. That said, we have a double support (not double bottom) in the area of ​​ten euros. It is important that this endurance because otherwise we cannot rule out that the falls have continuity until the support zone of 9-9.20 euros.

However, what we are very clear about is that the overcoming of the resistance of 11 euros , in weekly candles and with ease, would activate a new signal of strength in the value. Prelude to what most likely ends up being a movement in search of the resistance of approx. 13.20-13.30 euros, which is where the downward guideline passes.

Samuel Edwards
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