History, recent context and fundamental

In Spain, Enagás is the main transporter of natural gas and the Technical Manager of the Gas System. It has about 12,000 km of gas pipelines, three underground storage facilities in Serrablo (Huesca), Gaviota (Vizcaya) and Yela (Guadalajara), and four regasification plants: Barcelona, Huelva, Cartagena and Gijón. In addition, it owns 50% of the Regasification Plant in Bilbao and 72.5% of the Sagunto. Enagás also owns 100% of Gascan, the company that develops the project for the introduction of natural gas in the Canary Islands.
Enagás began its journey in 1972 to create a network of gas pipelines throughout Spain in order to implement and extend the use of natural gas in the country. Originally, the sole shareholder of Enagás was the National Institute of Industry (INI).
Enagás is listed on the Ibex 35 since its IPO in 2002. Currently, it is one of the companies in the Spanish continuous market with more free float (95%).

Below I present the data of fundamentals that I find most important:

• Capitalization
• Net Benefit
• EBDITA
• Debt/Ebdita:
• PER:

From the fundamentals table we can see how the capitalization has fallen smoothly since 2014 and seems to be stabilizing the results. This is not bad since the company pays a good dividend and although it seems that it does not improve if it does. Being an energetic company, the benefits and stability are usually assured.

Technical analysis

If we look at the long-term chart, we see how relatively recently broke the resistance of the long-term bearish bench in which it had entered after double-roofing around 28 euros in 2015. In that period He could not with the resistance and drew a figure of HCHi without finishing, a very bearish structure since the second shoulder is not superior to the first. Then he would try again in 2016 and could not suffer a big setback going to the environment of € 23. That same year would lose the great resistance around the 23 euros that has the value and is when the alarms would turn on. It would be in May 2018 when it would suffer a free fall that would reach the value to be planted at € 20. A drop of 33% from maximums . From then on, climbing would begin.

It is in this rise that has occurred at the end of 2018 with the presentation of the results of the third quarter of the year when it has strongly broken the resistance and has touched € 25.5. That value is the big goal right now and I'll see it in the short-term chart below.



In the short term we observe how the resistance seems to be feeling around the € 26 and it will take a few days to reach it. While this is happening, you can triangulate around the two bands, from € 24.5 and € 26. The structure possible before breaking up could be the one I indicated with purple color. This movement will be upward eventually. It is worth observing the MACD indicator that shows us how the convergence lines at this moment are far from crossing .