The price of Cellnex shares they have held up well the news of the capital increase of almost 7,000 million euros with an opening with a bullish gap that later has increased until reaching highs of the day at 47.48 euros.
Nevertheless, the gains have not lasted long because after a few minutes the price turned around and began to fall to the point of accumulating a decrease of almost 2% after the first hour of contracting.
This fact, has led him to lose almost all of the gains from yesterday’s session and now threatened with losing the medium-term moving average of 45.08 euros.
Evolution of Cellnex Eduardo Bolinches shares
Losing this medium-term moving average would generate a bearish signal that in the first place it would spoil the inverted Shoulder-Head-Shoulder turning figure of which we spoke yesterday and would be increased by the closing of the bullish gap that occurred yesterday in the market by losing 44.59 euros.
All these levels must be seen as alleged levels of support where the value can turn around but obviously also as a thermometer of the weakness of the value as the price of the shares is losing them.
The capital increase is very important and I really do not see that a 2.7% drop, which is what is decreasing at the time I am writing this text, is enough.