Ferrovial begins a very short-term correction, after having set an annual high and leaving behind a new resistance zone between 27.75 / 27.97 euros per share.
Currently, prices are at the support level of 26.43 euros, which was previously a resistance level together with the 40-period or medium-term simple moving average.
On JAN 20, the price formed a fifth support for the main or long-term bullish guideline, marked in fuchsia, from which prices have taken off to break previous resistance.
The value began a long-term upward trend at the end of NOV 2020, creating a succession of relevant highs and lows, the new support zone would be located at 24.72 / 24.42 euros per share. As long as prices are above that support area, we would most likely see a continuation of the underlying uptrend.
Exceeding the resistance area of 27.75 / 27.97 euros per share would represent a sign of strength, leaving the path clear towards the all-time highs at 29.20 euros.
Ferrovial on daily chart with average amplitude range (upper central window), MACD (lower central window) and trading volume (lower window)