Saturday, June 10

BBVA could even reach 6.30 euros according to its graph

The banks are the protagonists from the beginning of the year, waiting for rate hikes and a monetary normalization that favors their activity. The evolution of what happens in the banks will be related to movements in interest rates. This week, there is a meeting of the Federal Reserve and although that first rate hike is not expected, experts do expect messages that give clues about when those rate hikes will arrive. And, although the ECB has not yet made any announcements in this regard, the European regulator is expected to soon follow the path of its US counterpart.

If we focus on the Spanish stock market, BBVA would be making interesting moves. On a technical level, from the support zone of 4.78 and 4.83 euros There has been a significant upward momentum, it exceeded the level of 5.47 euros, which at the time was resistance, according to the analyst Mónica Triana.

The value now returns to this level, is relying on the average of 100 sessions, in a support zone, even in the 200 average which is a little lower. If there is no additional news that affects the bank, “it could be a point from which it could continue its upward trend”, explains Mónica Triana, from where it could go up to 6 euros or even 6.30 euros, levels that until now act as resistance.

Check here the technical indicators of Investment Strategies for BBVA.