This post was just published on ZYX Buy Change Alert.
SAN is one of the largest European banks headquartered in Spain. The stock has been hit hard along with other European banks, in part due to concerns about loans to oil and gas industry.
The concerns about loans to oil and gas industry are justified. The balance sheet has become weak, for this reason at this time it is suitable only for aggressive investors. The direction of this stock in the near future is likely to depend upon oil. If oil moves up, concerns about loans to oil and gas industry will lessen and the present price will prove to be a great buying opportunity. However, if oil goes into teens and stays there for a long time, the stock can go to zero.
The new buy zone is $3.00 to $3.87. Mental stop zone is $2.31 to $2.68. First target zone if oil moves into $40s in the near future, is $7. to $8. Very long-term target remains $16 to $18.
What To Do Now?
Those who are in the stock and are aggressive may consider slowing adding in the buy zone.
Those not in the stock and are aggressive may consider initiating a position.
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