Looking at the technical picture of the Repsol stock (MC: REP) on our weekly chart, we can see that since around mid-November, the share price has been battling with the 9-euro mark. That level continues to provide strong resistance and is holding REP from moving higher. That said, on the positive side, the stock is still trading above a short-term tentative upside support line taken from the low of October 25th. For now, we will take a cautiously-positive approach, because in order to get a bit more comfortable with higher levels, a break and a close above the 9.00 zone would be needed.
If the stock, eventually, pops higher, above that 9.00 barrier, this will confirm a forthcoming higher high, potentially clearing the path to further advances. REP might then travel to the 10.07 hurdle, marked by the highest point of June, which could stall the upmove. The share price may even retrace slightly lower, however, if the previously-discussed upside line provides support, the stock could easily reverse north again. If this time REP is able to overcome the 10.07 barrier, the next possible target might be the 11.71 area, or even the 11.90 level. Those two hurdles are marked by the high of February 24th and the low of February 21st respectively.
The RSI and the MACD, on our weekly chart, are currently on the flat side. That said, the RSI remains above 50 and the MACD continues to float above zero and its trigger line. The two oscillators are showing positive price momentum, but the fact they are currently flat, comes inline with the idea of waiting for a pop above the 9-euro mark first, before aiming higher.
On the downside, if the stock breaks through the previously-mentioned upside line and then slides below the current lowest point of February, at 7.95, that might open the way for further declines. REP could then drift to the 7.29 obstacle, a break of which might set the stage for a push towards the 6.47 level, marked by the lowest point of December.
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