Relevant levels of Banco Santander after the storm in Iran
Banco Santander ended its darkest week since April last year with a fall of just under 5 percent after the Financial Times reported that Iran had used the Cantabrian group’s account in the United Kingdom to circumvent US sanctions.
The organization denied breaking US sanctions rules, but investors used the news to cash in on Banco Santander, especially after the strong results it reported the previous week.
After the initial scare, the fall stabilized, partly because investors realized the furore surrounding the British newspaper’s allegations seemed exaggerated.
Back to square one for Banco Santander
The news from Iran canceled out Banco Santander’s good performance and its attempt to rise, although “it is also true that the value could not exceed the key level of 3.95 euros,” said Inversión magazine’s director of analysis. Josep Codinaon the Relevant Facts podcast on Finanzas.com.
This was a previous step aimed at attacking the area of the round numbers of 4 euros and thus ensuring the continuity of progress.
But with the Iranian hangover, the price returned to pre-result levels, around €3.69. As a result, Banco Santander remains in no man’s land, with an average of 50 to 100 sessions and a rather detached appearance. “It is very important that the price overcomes this zone and goes higher,” Codina recalled.
Below is a technical forecast that will not get any more complicated until Banco Santander loses €3.5, which could mean it will eventually give up €3.3.
Arcelormittal compresses results
In addition to Banco Santander, Codina reviewed Arcelormittal’s technical outlook, which rose after posting results that beat analysts’ estimates.
“The publication of the results has been good for her, but she has just stopped at a level that she will have to exceed to continue progressing, at 26.4-26.5 euros.
“This will be a key area that needs to be overcome in order to confirm the continued growth model and be able to count on 29-30 euros,” Codina explained. If it fails to break through this resistance, it could form a double top pattern that would have us keeping an eye on the €23.45 support.
Chapters
00:00 Introduction.
00:29 Capricorn 35.
04:23 Santander Bank.
06:27 Arcelormittal.
08:21 Banco Sabadell.
10:28 Grifols.
12:42 Iberdrola.
14:55 Telephonics.
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