The results you have published Enagas Today before the opening of the session they are liking investors to the point of being the value of the Spanish selective that is increasing the most while the Ibex 35 falls almost 1%.
While it is true that it is still too soon to be able to claim victory Since we do not know how much volume will be traded in today’s session, it is important that after an opening with a bearish gap in line with the market, the security has found the confidence and money of investors to react upwards and take you to the rises I’m seeing now of 1.6%.
However, this reaction will be useless if we are not able in the next sessions to see sustained quotes above 19,44 euros. This level corresponds to the 61.8% of the Fibonacci retracement of the entire fall that caused the arrival of the pandemic last year and that caused the price to fall from the area of 23 euros to practically 13.50 in less than a month.
Evolution of Enagás Eduardo Bolinches ProRealTime shares
Then we had a significant bullish reaction, very consistent with the virulent fall that led the price to exceed that level of the 61.8% of the previous fall, but it is also true that since then the value is immersed in a wide range laterality between the highs that were marked then in the area of 20.50 euros and the lows of this year.
Therefore and in conclusion, the only thing that should matter to us is that the sequence of increasing minima that the value has been presenting since the lows of this past February is still in force.
This means today that We should not see prices lower than the 18 euro area. Therefore, if this pattern continues in force, it is simply a matter of time before we reach 19.44 euros again and later the maximum of 20.50 euros in order to continue with the recovery of prices and reach the levels prior to the arrival of Covid-19.