This second week of September has allowed Banco Santander to leave behind the level of the 2.4 environment in which it moved between days 1 and 8 of this month, and is now trading at 2.65 euros , reducing his cumulative drops to 9%.
In its weekly analysis of all Ibex 35 shares, the Analyst Jose Antonio Gonzalez pointed out that “Banco Santander manages to respect the support zone which is projected from €2.324 / €2.2773 per share. Thanks to its support, the price attacks the relative maximum of the €2,686 per share and the breach of which, together with the breach of the medium-term bearish guideline, would confirm a yield figure or upside implications in the form of a double bottom that would allow for a subsequent attack at EUR 2,849 per share ” .
For his part, the independent analyst Néstor Borràs He also alludes to this 2.686 euros as a key level to attack from the top, more precisely at 3.05. “The market describes a potential double bottom figure indicated in gray, and for it to be validated, the critical point must be violated €2.6860, allowing us to estimate a minimum theoretical target towards levels of 3.0500 euros”, he explains. “There are three gaps that we could cover at 2.9850, 3.1080 and 3.4180 euros. The MACD oscillator crosses the 0 line on the upside, signaling an uptrend.”
With this, the business strategy to follow at Banco Santander According to Borràs, it is “to open long at the breakout of the critical point of 2.6865 euros, with a stop at the previous rising low of 2.5425 euros. We place the target at 3.050 euros”.