CAIXABANK: Approx. #Bearish #batpattern on its way & Q2 earnings
The bank's results are due on July 24th. JP Morgan and Wells Fargo saw sharp declines on profits (-51% and -71% respectively) yesterday and I expect Spanish banks will be unable to avoid them too. Besides, CABK has been the bank who's best performed in the short-term post-covid era, so we could expect bigger downward corrections than those in Santander or BBVA once their results come in. Barclays "saves" CABK and SAN's rating but still forecasts a -52% decline on profits for the sector although in my opinion, I expect -60% minimum.
From the technical point of view, an approximated bat pattern is being formed and its figure may be ended either today or tomorrow at level 2.10-2.12. Once it is completed, the bank's share price may drop towards 1.80 level (0.5 Fib level) or 0.382 Fib livel (1.878) in case earnings readings are better than expected.
From the technical point of view, an approximated bat pattern is being formed and its figure may be ended either today or tomorrow at level 2.10-2.12. Once it is completed, the bank's share price may drop towards 1.80 level (0.5 Fib level) or 0.382 Fib livel (1.878) in case earnings readings are better than expected.
