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Buy Spanish Index upon retracing towards 10492.3

Buy Spanish Index upon retracing towards 10492.3 | 05 May 2017

Technical Observation:
On 24th April 2017, the spanish index Gaped above the the resistance zone 10492.3-10356.5 but is currently recovering downwards. This is a possible genuyine breakout and unless this index break again below 10356.5, I choose to remain flat and only buy around 10.492. On the daily chart above, I expect further bearish retracements towards 10492.2 where I'll be intrested in buying. My advice, buy this index upon bouncing off from 10492.3

Technical levels:

Resistance levels
R1: 9275.3
R2: 10492.3
Pivot Point
10179.5
Support Levels
S1: 9151.3
S2:8645.0
 
Trade Signal
Long #IBEX35 around 10492.3 towards 15000.00
Buy Brent Upon a breakout above 57.51
 
 
Technical Observation:
Recently, we witnessed a bearish rejection from the resistance line 57.51. Unless there's  a clear breakout out above this line and then a second retest, I choose to remain flat. Meanwhile, I expect a bullish rejection from the short term support line 51.20 to rebuy this commodity towards 57.51 and also buy further on a clear breakout above. On the weekly chart above, a possible rebound around 51.20 is expected. My advice, waiting for a clear sign that the rejection is valid then buy this commodity towards 57.51.

 Technical levels:


Resistance levels

R1: 57.51

R2: 65.90
Pivot Point
53.90
Support Levels

S1: 45.75

S2: 51.20
Trade Signal
Flat
Watch for a rejection around 17.21-17.09

 

Technical Observation:
Recently, Silver not only broke below the Andrew's Pitch Fork with a big red candle but also the short term support zone 17.93-17.73. This was a clear bearish breakout and unless there's a clear bullish breakout above 17.93, I'm waiting patiently for retracements to the just broken zone to sell this commodity. Meanwhile, I expect a rejection from the support zone 17.21-17.09 to buy Silver towards 17.73.

Technical levels:

Resistance levels
R1: 18.55
R2: 17.93
Pivot Point
17.55
Support Levels
S1: 15.80
S2: 16.85
Trade Signal
Buy around 17.21-17.09 towards 17.73
 
 

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Imelda Maseno
Analyst of «FreshForex» company
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