the price of alb financial corporationa In mid-October 2022, it started to recover, until it reached the medium-term bearish line, which failed to break it at the daily close.
Then, on January 3, the stock managed to breach the first medium-term bearish line in the black with a corresponding increase in daily close and trading volume. This is the first sign of great power.
The next sign of strength would be a breach of the second medium-term bearish line, along with a potential double bottom critical point at €45.85.
Confirmation of the double bottom at €45.85 would allow us to estimate the minimum theoretical target towards the €49.75 level, which would represent a 12.18% recovery from the current price.
The following resistances are: (1) at €48.20, which coincides with the 200-period or long-term simple moving average, (2) the resistance area near €51.85 / €50.85, and (3) the all-time highs at 55 .75 euros, the violation of which will restart the structure of lower ascending minimums and maximums.
The corresponding support area is around €41.80 / €42.20 per share.
As positive signs, the MACD oscillator has crossed below the 0 line and we have a significant reversal in trading volume, breaking the first medium-term bearish trend line.
Corporación Financiera Alba on daily chart with average width range percentage, MACD oscillator and trading volume
Corporación Financiera Alba on daily chart with average width range percentage, MACD oscillator and trading volume
