Banco Santander SA

SAN is in a Stage 2 advance with bullish long- and medium-term trends confirmed by rising EMAs. However, the active Bullish Exhaustion pattern and overbought context signal near-term pullback risk. Price is tightly tracking above the rising 9- and 20-period EMAs with neutral short-term momentum, offering no clear immediate entry edge. Optimal entries are likely on selective pullbacks to the 20-period EMA or nearby confluence support zone in line with the Value + EPS strategy.

• ↑Posted record profit of EUR14.1bn in Q4 2025, up 12% YoY.
• ↑EPS estimate for FY 26 raised 15% to €1.16 per share.
• ↓Negative liquidity factor warns of low trading volumes and funding stress.