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by Darius Anucauskas

Can The Bankinter SA Stock Curve Back Up?

Looking at the technical picture of the Bankinter SA stock (BME: BKT) on the 4-hour chart, we can see that this week, the share price managed to overcome one of its key resistance areas, between the 3.60 and 3.64 levels, marked by the highs of April 23rd and 14th respectively. After that, BKT climbed further north, but found good resistance near the 3.97 hurdle, from which the share price started declining a bit. That said, the stock is still balancing above a short-term tentative upside line, which if continues to provide support, we will stay positive, at least for now.

A drop back down may bring BKT closer to the previously mentioned resistance area, which now could play the role of a support zone. Around there, the stock may also test the aforementioned upside line, which if remains intact, the buyers could take control again. The share price might rise to the 3.97 barrier again, a break of which may clear the path to the 4.22 hurdle, marked by the high of March 13th. Slightly above it lies another possible resistance area, which could get tested, and that’s the 4.42 level, marked by the high of March 12th.

The RSI and the MACD on our 4-hour chart seem to be supporting the idea of a small setback, before another leg of buying. The RSI is pointing lower, but remains above 50. The MACD continues to point higher, while running above its zero and trigger lines.

Alternatively, if the aforementioned upside line breaks and the share price falls below the 3.60 hurdle, marked by the high of April 23rd, this could open the door for further declines. The stock could then travel to the 3.37 obstacle, or even the 3.20 territory, which is the low of April 21st. If the slide continues, a further move south could bring BKT to the psychological 3.00 level, marked near the lows of March 18th, 30th and April 2nd.



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