Disconting the bad beguining for the colombian market caused for the present President of Colombia, I think in this moment de main company of the country, "Ecopetrol" $EC is supporting in the short term by tecnical and fundamental issues. Fundamental view is product of the great result of 2022 FY and its consecuen big dividend, around 30% at current price. By the technical side, the today close price permits conclude that 61,8% fibonacci retracement (last bull leg) is supporting the idea for bullish future that maybe will go to the gap´s area of 13.55 that overlaps the 200 daily MA. Other items are the horizontal resisitnce area 10.60 (red line) and the proyection of an equal leg regard previus bullish swing(white arrow).
RSI near 50 and MACD at the positive side and going up...
Target price
Min. 13.55
Max. 14.40
RSI near 50 and MACD at the positive side and going up...
Target price
Min. 13.55
Max. 14.40
Trade closed manually:
I am thinking that the company´s results are amazing, but de dividend prospect announced is minor than waited, adicional that dividend will distribute in three deliveries, among april the 27 and december 2023.