The technical picture of the Acciona SA stock (BME: ANA) on our 4-hour chart shows that after reversing back to the upside in the beginning of July, the share price is now seen trading above a short-term upside support line taken from the low of July 6th. Today, the stock popped higher and managed to overcome July’s high, at 133.60, but reversed back down quickly. Currently, the stock seems to be trying to push through that barrier again but remains slightly below it. If the share price is once again able to move above the July high, that’s when we will get a bit more comfortable with examining higher areas.
Another push through the 133.60 barrier and a daily close above it, may increase the stock’s chances of drifting further north, this way attracting more buyers into the game. ANA might then drift to the 135.30 zone, marked by the inside swing low of June 15th, where a slight hold-up may occur. That said, if there is still enough buying interest, the stock could continue with its journey north, potentially aiming for the 139.70 level, marked by the high of June 16th.
The RSI and the MACD are both pointing higher. In addition to that, the RSI remains above 50 and the MACD continues to run above zero and its trigger line. The two oscillators indicate positive price momentum, which supports the scenario mentioned above.
On the downside, if the stock suddenly breaks the previously discussed upside line and then falls below the 127.70 hurdle, marked by an intraday swing low of August 3rd, that may lead to some lower areas, as some buyers might get spooked from the field for a while. ANA may drift to the next support area between the 125.90 and 126.40 levels, which marks the lows of July 30th and August 3rd. If there are still no new buyers around that support area, the share price may fall to the 123.70 zone, marked by the low of July 19th.
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