• Holland25 reversed from long-term resistance level 631.00
• Likely to fall to 605.40

Holland25 index recently reversed down sharply from the key long-term resistance level 631.00 (which started the sharp downtrend at the start of 2020 as can be seen from the weekly N25 chart below) standing close to the upper weekly Bollinger Band. The downward reversal from the resistance level 631.00 stopped the previous minor impulse wave 3.

Given the strength of the resistance level 631.00 and the strongly overbought reading on the weekly Stochastic indicator  –  Holland25 is likely to correct down further toward the next support level 605.40 (low of the previous minor corrective wave 2 from the end of December).