Nothing new under the Sun in terms of the titles of our operator Telefónica. The value is still in the rebound phase, no doubt. But we cannot say that it is a bullish value in terms of medium and long term because it is not. Yet there is a lot of fabric left to cut to be able to affirm that something is beginning to change in value. There are two great stumbling blocks that value presents at the moment. The first, the weekly bearish gap of March 2020 to which we have referred so many times: the 4.40 euros. ‘Gap’ that 90% of the market closed, or what is the same, canceled, months ago. Which is undoubtedly a clear sign of intrinsic weakness of the underlying itself.
And the other great resistance is in the zone of 5-5.10 euros, which is where it goes right now the main bearish guideline. The one that joins each and every one of the successive decreasing highs since 2015. From which it follows that to look at this value with different eyes we will demand that it jump above the downward guideline, something that at this moment remains very, very far.
Telefónica weekly chart