Monthly timeframe draws a macro descending resistance going back to 2007. This line has meant a significant bounce each time price touched it.
This time the resistance is coliving with monthly ema 200 which brings me to expect another bounce although this time it might not be significant. Price is moving upwards inside an ascending paralel channel for few weeks now and the
IBEX35
has been showing strength when touching the downside.
On a daily basis, a bounce at 8.950-9.000 down to weekly ema 200 and the downside of the channel at 8.750 on a quick visit to this level would be the natural price retracement enough to take air, reload, and then finally trespass the 9.000 level among with the ema9 and 200 cross on the weekly.
An alternative would be to succeed at first attempt and then retest 9.000 as support, I do see this level as a significant barrier so I expect the price to retest it either way.
Let's see if the market is ready enough move to continue upwards!
PS: This is general market information for educational and entertainment purposes only, and does not constitute investment advice.
This time the resistance is coliving with monthly ema 200 which brings me to expect another bounce although this time it might not be significant. Price is moving upwards inside an ascending paralel channel for few weeks now and the
IBEX35
has been showing strength when touching the downside. On a daily basis, a bounce at 8.950-9.000 down to weekly ema 200 and the downside of the channel at 8.750 on a quick visit to this level would be the natural price retracement enough to take air, reload, and then finally trespass the 9.000 level among with the ema9 and 200 cross on the weekly.
An alternative would be to succeed at first attempt and then retest 9.000 as support, I do see this level as a significant barrier so I expect the price to retest it either way.
Let's see if the market is ready enough move to continue upwards!
PS: This is general market information for educational and entertainment purposes only, and does not constitute investment advice.