The price of Repsol has managed to resume the upward trend, after the correction that began at its annual highs, 11.46 euros per share. The value has been breaking several resistances, (1) firstly, it has broken the short-term bearish guideline dotted in gray, (2) then it has exceeded the highs of December 7 at 10,256 euros per share, validating a figure of double ground, which has ended up meeting its estimated target of 11.19 euros per share.
In this sense, the underlying bullish structure continues to remain intact, since in no case has the key support of 8.458 euros per share been violated.
The violation of the 2021 maximums of 11,462 euros would represent a sign of strength, while leaving a new medium/long-term support in which to work at 9,370 euros per share.
There is a growth in trading volume, indicating that there is an interest in the participants and increasing the confidence in the continuation of the long-term upward trend.
Repsol on daily chart with average amplitude range (upper central window), MACD (lower central window) and trading volume (lower window)
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