Bankinter must exceed 7.65 euros to confirm the buy signal
In the last session of the week, our Ibex 35 will try to regain 11,900 points. The weekly balance is negative and will be it will be difficult to turn the situation around if 11,800 points are completely lostwhich would cast doubt on the rebound they were trying to generate. By observing the members of our main index, we can highlight the behavior Bankinter shares who are at the top of the table at the start of the day.
On Thursday, Bankinter presented results for the nine months of the year, which recorded growth profit 731 million euros, up 7% than in the same period last year. These are the best results from January to September, excluding 2021. However, the year-on-year increase in these results is modest compared with the 60% increase in profits recorded in the same period last year, in the context interest rate cut by the European Central Bank (ECB).
The organization indicated that maintains its growth forecastsalthough it leans toward the lower end of the forecast range. They further highlighted that these results are supported by strong international business performance, with Portugal and Ireland being the main markets accounting for 16% interest margin. In both countries, profits increased.
From a technical point of view, the stock market has seen a strong increase in the value of Bankinter, which began in February this year at around 5.35 euros per share. Given his current valuation, revaluation of its shares exceeds 31% in 2024, despite the downturn the company has endured since hitting an all-time high last July.
It was from this zone of maximums that the intensive correction Bankinter securities, which drove the price below short-term and medium-term moving averages. However, there appears to be an intention to recover, as evidenced by the daily candles shown on your chart.
Evolution of Bankinter shares
Tradingview
Below we have a very important support area at 7.15 euros. per share, which is the same level as its 200-period moving average, which represents important dynamic support. Moreover, this level also represents the Fibonacci 38.20% of the entire last major bull leg, which currently remains intact.
Yesterday the value displayed a candle Doji of uncertainty a high wave that indicates a loss of direction and increases uncertainty about the next move.
Given the current high level of oversold conditions, it is most likely that Bankinter will be looking for some type of technical rebound before continuing to fall. A buy signal will be given if the value exceeds 7.68 euros or the maximum of the last session. In this case the first bullish target will be 7.80 euros. and the second – 7.90 euros, while the protection order will be lower than 7.50 euros.
If Bankinter ultimately fails to reduce selling pressure and begins a correction phase, any a closing loss of €7.15 would prompt us to close our position if the security is part of our portfolio.