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We're flat temporarily with #IBEX35

We're flat temporarily with #IBEX35 | 25 September 2020

 #ASK weekly

We're flat temporarily with #IBEX35

Technical observation

The value of the commodity on the chart above is trading with an increasing bearish momentum below a resistance zone 6143.4-6095.5, I expect this bearish movement to continue to the supportive line 5500.5 followed by a clear breakout below it with a big red candle for a  further decline in value. My advice, if you sold this commodity within the above mentioned zone after a bounce, remain short with your take profit at 5500.5 and stop loss at 6516.2. In case of a clear break below the line 5500.5 with a big red candle, wait for a pullback to it and a rejection before you continue short towards 4718.4.

Trade recommendation

Remain short with your take profit at 5500.5.

#IBEX35 weekly
 We're flat temporarily with #IBEX35

Technical observation

#IBEX35 is trading with an increasing bearish momentum above a supportive line 6493.3. My expectation is either a correction to the resistance zone 7890.4-7739.1 followed by a rejection within it for bearish movement of price, or a decline to the line 6493.3 followed by a clear breakout below it with a big red candle for bearish rally. My advice, remain flat and wait for either a decline to the line 6493.3 and a break below it to sell #IBEX35, or a correction to the zone 7890.4-7739.1 and a bounce within it to sell this commodity with your take profit at the supportive line 6493.3 and stop loss at 8386.0.

Trade recommendation

Remain flat.

#SP500 weekly

We're flat temporarily with #IBEX35

Technical observation

The general trend for the commodity in the chart above is upwards. Currently the value of this commodity is trading with an increasing bearish bias and I expect a loss of it at the supportive level 3196.6. My advice, remain flat and wait for a correction to the line 3196.6 and a rejection at it to buy this commodity with your take profit at 3585.4. In case there is a clear breakout below the line 3196.6 with a big red candle, wait for a correction to the just broken line and a rejection at it to confirm bearish movements of this commodity before you pick short positions towards the supportive line 2772.3.

Trade recommendation

Remain neutral.

 

Imelda Maseno
Analyst of «FreshForex» company
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