Bankinter tries: says goodbye to bears and presents potential of 35%

Bankinter is moving with recovery so far this week in the market, an advance that takes it away from the worst of the year in the selective, although it continues to be in the Top3 due to the bottom of the Ibex, although it reduces the overall amount of its punishment in so far this year around 10% for the financial institution. And it is that it is one of the values ​​that does not finish recovering positions within the financial sector, without the backing of investors.

Proof of this is undoubtedly the drastic drop in short positions on the value. So, at this time, the stock is bearish with an amount of 0.50% of the Canada Pension Fund, while the presence of Point 72 Europe is reduced significantly, to 0.4% since last Thursday, while the half point of the last short position of Marshall Wace is no longer registered. In total, 0.90% downward if we take into account the cut of Point 72, below what the CNMV legally establishes to account for its bearish amount.

In addition, the latest recommendations give the stock upside potential. In the case of Citi, specifically, considering that the punishment their shares have received from the market is excessive. Your recommendation is to buy after raising to 7.5 euros from the previous 7.3 your target price which gives it a potential upward progression of 35%. Somewhat less is the vision of Redburn’s Bankinter, which places its PO at 7.10 euros per share.

In its price chart we see that Bankinter is moving with a weekly recovery of clearly more than 5%, despite yesterday’s setback, lor that reduces its annual falls that slightly exceed 10%.

Bankinter annual price of the value

For the financial market analyst José Antonio González, in the case of Bankinter “the combination of (1) active sell signals in the weekly MACD oscillator, (2) volatility rebound and (3) drilling of increasing guideline, are solid arguments to remain cautious, considering The most probable scenario in the short term is a return to the March lows projected from €4.936 per sharewhose perforation would enable updating future bearish targets towards €4,545 / €4,359 per share”.

Bankinter on weekly (Left) and daily (Right) chart with MACD oscillator and trading volume

Bankinter technical analysis of the value

In addition, the Premium Strength Indicators prepared by Estrategias de Inversión show us that the value, since May 17, has become very weak, from weak to very weak, a level that it maintains both in the medium and long term, with operational in which they recommend staying out of the value due to the risk of further technical deterioration.

While, the market strategist Ramón Bermejo highlights that “Bankinter’s price is describing a potential double bottom pattern with a bear trap, to be validated, it is necessary to violate the critical point at 6.162 euros. We have a bullish impulsive pattern, advance in wave one, correction in wave two and wave three violating the high of wave one”.

He also added that “we have drilled the upper side of the bullish channel, with which we could continue recovering: (1) 4.58% towards the target due to channel splitting, (2) 13.51% against the critical point of the potential double minimum figure and (3) 24.68% against the gap at 6.77 euros. On a positive note, we have invalidated the reversal pattern from May 19. We are going to watch that we violate the downtrend line and we can continue to advance towards the critical point of the potential double bottom figure at 6.162 euros”.

Bankinter with the Bloomberg platform in daily chart and trading volume

Bankinter technical analysis of the value

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