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ESP35 Technical Analysis Report 16 November, 2020

• ESP35 broke round resistance level 8000.00
• Likely to rise 8500.00

ESP35 index continues to rise after the earlier breakout of the multi-month round resistance level 8000.00 (which stopped the previous upward impulse wave (A) at the start of June). The breakout of the resistance level 8000.00 coincided with the breakout of the 50% Fibonacci retracement level of the previous sharp downward impulse from February to March – which should accelerate the active impulse waves 3 and (C).

Given the resumption of the risk sentiment on the positive vaccine testing reports – ESP35 is likely to continue to rise toward the next resistance level 8500.00 (former support from March and the target price for the completion of the active impulse wave (C)). Strong support now stands at 8000.00

 

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