Telefónica has been in the spotlight this week for various news: on the one hand, it was known that the Italian subsidiary of Vodafone could merge with the operator Iliad in the transalpine country. Vodafone rose strongly and pulled the rest of the European operators. And in addition, Criteria Caixa notified this Monday the purchase of another 30,000 shares of Telefónica at 3.99 euros in what is the largest operation that the Catalan investor has carried out so far this year with the operator’s shares.
This Tuesday, the value began the day in negative, but as explained independent analyst Ramón Bermejo Everything indicates that today we will see a recovery. Yesterday the value violated the maximum of the previous session, with a high volume. Today it would be expected that the market would return to mark new highs above 4.1435 euros.
The market will look for at least the level of 4,221 euros, to cover the next gap, which is seen in the graph. On the downside, the only risk of a correction is if it misses yesterday’s session low, which crosses at €3.9865, down from Monday’s low of €3.9870. If it doesn’t, your chart will most likely hit today’s highs.
If we look at the triangular figure that the chart is forming, the market can go to the gap of 4.221 euros and then to 4.2535 euros. The value remains within a bullish channel.