It's not very common to see a Spanish dividend stock performing like this these days but the Australian fund IFM is trying to increase its stake in Naturgy and nobody is willing to sell the stock cheap. From the technical analysis perspective, there are no resistance level until last highs of 2007 (38.83). Although we are in overbought territory, we don't...
On the 60 minute chart, price is obeying the blue dotted transagonal support & resistance contracted channel.
As price hits the (daily) orange (transagonal resistance), we should see a correction leading to a move to the downside to the lower (daily) orange transagonal (support) line at approx to 7015.1 to 6930.7.
*Black lines = daily S/R
27-Jun
Price Forecast timing analysis by pretiming algorithm of Supply-Demand strength
Investing position about Supply-Demand(S&D) strength: In Falling section of high risk & low profit
Supply-Demand(S&D) strength Trend Analysis: About to begin a rebounding trend as a downward trend gradually gives way to slowdown in falling...
As you can see in the graph above we are in a bearish pattern with accurate support and resistance, It is important to note that the very long trend is a downward trend, but the short trend is precisely an upward trend!
Our recommendation for this index is buying until resistance
Buy Spain 35
Entry Price: 9190
Stop loss: 9050
Take profit: 9400
Spain Index sitting at resistance level and trying to breakout by forming a bullish candle. We will see in time if its a fake bullish engulf candle or a real body breakout . A clear breakout will determine whether it is set up close the gaps formed above or will it fall back .
