Banco Santander Brasil Gains 1.16% Amid Bullish Technical Signals

Banco Santander (Brasil) (BSBR) advanced 1.16% to close at 5.24 in the latest session, trading within a 5.17–5.26 range. This analysis integrates multiple technical perspectives to evaluate the stock’s trajectory.
Candlestick Theory
Recent price action shows consolidation above the 5.15–5.17 support zone, validated by multiple tests in late August and early September. The 2025-09-04 session formed a bullish candle closing near the high, suggesting accumulation. Resistance at 5.30 remains significant, capping rallies on 2025-08-29 and 2025-09-02. A sustained break above 5.30 with volume could signal bullish continuation.
Moving Average Theory
The 50-day moving average (~5.10) and 100-day MA (~5.00) slope upward, reinforcing a medium-term bullish bias. The 200-day MA (~4.80) provides a rising long-term foundation. Current price trades above all three averages—a bullish configuration where the 50-day acts as immediate dynamic support. The sequence (50 > 100 > 200) confirms a positive trend structure.
MACD & KDJ Indicators
The MACD hovers above its signal line in positive territory, supporting bullish momentum. Meanwhile, the KDJ oscillator’s K-line recently crossed above the D-line from oversold conditions, generating a buy signal. This confluence suggests near-term upside potential. However, KDJ’s J-line approaching 80 warns of overbought risk that may cap immediate gains.
Bollinger Bands
A band contraction in late August preceded the sharp rally to 5.30, signaling volatility expansion. Current price trades near the upper band (~5.30), indicating relative strength but also testing overbought territory. The midline (20-period SMA at 5.15) now acts as support. Further band narrowing may foreshadow directional volatility.
Volume-Price Relationship
The key 2025-08-28 breakout above 5.20 coincided with 1.75M shares traded—the highest volume in three months—validating bullish conviction. Subsequent pullbacks occurred on declining volume, suggesting limited selling pressure. However, the recent rebound lacked significant volume confirmation, warranting caution about sustainability.
Relative Strength Index (RSI)
The 14-day RSI (~60) holds in neutral territory, recovering from a mid-August oversold reading below 30. While the RSI uptrend aligns with price appreciation, its moderate level implies room for further upside before reaching overbought thresholds (>70). Negative divergence would arise if prices climb while RSI peaks decline.
Fibonacci Retracement
Drawing from the 2025-01-10 low (4.02) to the 2025-08-29 high (5.30), key Fibonacci levels emerge. The 38.2% retracement (4.90) and 50% level (4.65) underpinned the late-August correction. Current price stabilizes above the 61.8% retracement (5.20), transforming this level into support. A breach below 5.20 may target 5.00 (78.6% retracement).
Confluence and Divergence
Confluence exists at 5.20, aligning Fibonacci support with the 100-day MA and Bollinger midline—strengthening this barrier’s significance. Divergence emerges in volume dynamics, with price recovery lacking commensurate volume enthusiasm. Additionally, MACD momentum conflicts with KDJ’s overbought warning, suggesting near-term consolidation before sustained directional resolve. Probable resistance at 5.30 remains pivotal for bullish continuation.