We failed to close above the previous resistance level, we closed just below it which describes a hammer number with large volume, yesterday the total number of shares traded was 4,516,000 shares and the range between the minimum and the maximum was 4.21%.
In order for the hammer number to be validated, it must be exceeded at 7.31 p.m., yesterday’s maximum was 19.30 euros. This could lead to rallies today and more rallies in tomorrow’s session.
We have an area with an uptrend, a sideways phase where the lows are rising and the highs are horizontal and there is a risk of breaking out of this area considering the bullish bias and looking for the 20.10 level, that is, a 5.07% recovery, and if we then go against the right shoulder at $21.97, hitting that target would be a 9.59% recovery.
Endesa with the Bloomberg platform in daily chart and trading volume