BBVA Jumps 3.63% On Bullish Technicals As Volume Drops 56%

Bank Bilbao Vizcaya (BBVA) recently demonstrated strong bullish momentum, rising 3.63% on July 23, 2025, to close at 15.4. This marked a two-day cumulative gain of 4.55%, with volume tapering from 4.48 million shares on July 22 to 1.98 million shares on July 23, suggesting reduced selling pressure as prices climbed. The analysis below synthesizes key technical perspectives on this movement and broader trends.
Candlestick Theory
The price action reveals a confirmed bullish reversal pattern. The session on July 22 formed a hammer candlestick (low: 14.63, close: 14.86), signaling rejection of lower prices, followed by a strong white candle on July 23 that closed near the session high (15.44), confirming buyer conviction. Key support now resides at 14.63, while resistance is observed at the July 9 peak of 15.94. The breach of the 15.4 psychological barrier on July 23 suggests potential upside continuation.
Moving Average Theory
The 50-day moving average (14.9) recently acted as dynamic support during the July 22 pullback. With the price (15.4) trading above the ascending 50-day, 100-day (≈14.2), and 200-day (≈13.5) averages, a bullish long-term trend structure remains intact. The alignment of shorter-term averages above longer-term ones reinforces positive momentum, though the 50-day should be monitored for sustainability.
MACD & KDJ Indicators
MACD (12,26,9) shows a bullish crossover emerging on July 23, with the histogram turning positive for the first time since early July. This aligns with the KDJ indicator, where the %K line (70) crossed above the %D line (65) while exiting oversold territory. Both oscillators suggest strengthening upward momentum, though KDJ’s approach toward overbought levels (K: 70) warrants caution if it exceeds 80.
Bollinger Bands
Bollinger Bands (20-day, 2σ) contracted sharply in mid-July, indicating diminished volatility preceding the July 23 breakout. The price surged from the lower band (14.6) to pierce the midline (15.0), settling near the upper band (15.5). This expansion signals renewed directional conviction, with a sustained move above 15.4 potentially triggering further upside toward 15.7.
Volume-Price Relationship
Volume spikes accompanied critical moves: a 6.16 million share surge confirmed the July 8 breakout above 15.54, while the July 23 rally occurred on moderate volume (-56% vs. prior session). This divergence implies the current advance may require higher volume for validation. Nevertheless, the overall volume profile shows accumulation during upswings, supporting trend integrity.
Relative Strength Index (RSI)
The 14-day RSI rebounded from near-oversold territory (35 on July 22) to 62 on July 23, reflecting improving momentum. While now neutral (62), its exit from oversold conditions aligns with the price reversal. Traders should view readings below 30 as a warning for exhaustion and above 70 as overextended, though divergences remain more reliable than absolute levels.
Fibonacci Retracement
Applying Fibonacci levels to the recent correction (swing high: 15.94 on July 9; swing low: 14.63 on July 22), the 38.2% retracement (15.07) and 50% level (15.29) were decisively breached. The price now eyes the 61.8% retracement (15.51) and full recovery to 15.94. Confluence exists at 15.4, where horizontal resistance now turns support, aligning with the 50% Fibonacci level.
Confluence and Divergence Summary
Confluence is evident at 14.60–14.65, where Bollinger Band support, the July 22 hammer low, and the 50-day MA converge, creating a robust floor. The breakout above 15.4 aligns with Fibonacci, volume-supported reversals, and MACD/KLJ bullishness, signaling high-probability continuation. Notable divergence includes the RSI’s lagging confirmation relative to price on July 23, suggesting near-term consolidation risk before further gains. Overall, indicators collectively support a bullish bias, with 15.94 as the primary upside target, provided 15.4 support holds.