Good
evening everyone.
After a few weeks of focusing exclusively on my
trading, I resume my blog with the following update:
Today we see a small opportunity in one of the most
powerful banks in the Spanish and European Market: BANCO SANTANDER, S.A. listed
in the Spanish Stock Exchange as SAN (SAN.MC is the Yahoo Finance ticker) or
STD listed in America in US$.
The following chart shows you the share price of
SAN, which has experienced a pull back from today's high of 6.46 (highest value
in the last few sessions) all the way to the low of 6.16 on the day. The stock
is closing with a minor boost towards the 6.23 area.
As you know, I love Elliot Waves and in the following
chart you can see a possible wave count that ends the 4th wave
correction in today’s lows.
Although
Mr. Bernanke has declared that the crisis in Europe is not over (thank you for
reminding us) the European indexes have had a final jump, although not enough
to close the day in green.
At 1700h
GMT, we can see that the S&P and Nasdaq are already in positive and the Dow
has bounced back from the day’s lows.
If the
day continues good for the American equities, we could see a jump in tomorrow
morning’s European stock allowing SANTADER to attempt a shot at Wave 5, which
would obviously break today’s high of 6.46.
On the
other hand, it could just fizzle out and resume the downtrend initiated today.
Let’s see the action in tomorrow’s trading session with a possibility to pick
up the stock at 6.28 – 6.30 (with a profit target of 0.08 to 0.10 a share). If
it doesn’t trigger our buy stop and instead loses steam, then we’ll re-establish
our levels and find a more juicy opportunity.
Trade
carefully. Trade with discipline.
@AmarDaryanani
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