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Buy Spanish Index

Buy Spanish index Towards 11705.00

Buy Spanish Index

Technical Observation:

Following the gap above the retracement zone 10624.1-10435.8, the Spanish index retraced back to this zone but got rejected and is currently rallying to the upper side. Unless there’s a clear bearish breach below this zone especially below 10435.8, I expect a bullish move towards 11705.00. On the daily chart above, I choose to remain long with the long position opened during the previous week. My advice remain long towards 11705.00.

Technical levels:

Resistance levels


R1:11705.00

R2: 9768.08

Support Levels

S1: 9226.8

S2: 8550.5

Trade Signal

Long IBEX35towards 11705.0.

 

Sell ASX around 5969.7

Buy Spanish Index

Technical observation:

Since December 5th 2016, #ASX entered into a consolidation only rallying with the ascending wedge. On May 2nd this year, this index got rejected from the upper trend line acting as the top of this wedge. I expected a bearish rally towards the lower trend line but as it appears, this index could rise towards 5969.7 before heading short. Thus, the best place to long #ASX is upon a breakout above 5995.3 or upon a clear rejection from the lower trend line.

Technical levels:

Resistance levels


R1:5969.7

R2: 6200.00

Support Levels

S1: 5580.2

S2: 5700.01

Trade Signal

Long #ASX above 5995.3 towards 6200.00

 

Flat

Buy Spanish Index

Technical Observation:

For the past three weeks, silver has dropped almost 3000 pips but is currently rallying around a key demand zone 22.15-21.77. Unless there’s a clear bearish breach below this support zone, I expect a clear rejection from this zone to long silver towards 24.08. A clear breakout below this zone will mean waiting for as retracement to the just broken zone to sell silver towards 19.54

Technical levels:

Resistance levels


R1:24.08

R2: 26.80

Support Levels

S1: 22.15

S2: 19.54

Trade Signal

Flat

 

 

FreshForex cancels commissions!

 

Imelda Maseno
Analyst of «FreshForex» company
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