End of a slump? After six days of going down, Telefonica up 1.94% yesterday

26.02.2022

By Axiory Intelligence

A quick look at yesterday: Telefonica went up to $4.74, gaining 1.94% and closing at $4.65.

• The trading volume was 2.53 million, which is above the daily average of 2.50 million.

Yesterday's trading session ended when NASDAQ went up; it increased by 1.64% and traded at 13,700. Telefonica's stock price increased by 1.94%, while the Communication Services sector gained 1.28% — a positive day for both.

Telefonica released its quarterly earnings report Thursday, beating analysts estimates. The company reported earnings of 0.0778 per share on revenue of $10.75 billion, topping estimates of -0.0975 per share on revenue of $10.6 billion. Since the release of its earnings report, Telefonica gained 0.21%.

Telefonica's market cap is currently $27.11 billion with an average daily volume of 2.50 million; Telefonica has gained 9.93% this year. So far, it has been better than the Nasdaq by 25.8%.

Trend indicators show us that although up today, it's worth noting that earlier Telefónica, S.A. dropped below the 3 day Simple Moving Average as it was trading at $4.72, usually an indication that a negative trend is ahead. A study of Telefonica's chart pattern shows the nearest resistance level is at $4.97.

Overall, looking at the technical analysis landscape, it seems Telefonica is likely to reverse course and start pointing down in the short term.

This green move in Telefonica's share price coincided with other communication services stocks as Verizon was up 2.91%. AT&T was up 2.93%. Charter gained 2.48%, as it traded at $601.16.

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