• Spain 35 reversed from resistance area
• Likely to fall to support level 8260.00
Spain 35 index recently reversed down from the resistance area lying between the key resistance level 8730.00 (top of the previous impulse wave 1 from March) and e upper daily Bollinger Band. The downward reversal from this resistance are started the active minor corrective wave (ii) – which belongs to the higher-order impulse waves 3 and (3) from the end of January.
Given the strength of the aforementioned resistance area, bearish divergence on the daily Stochastic indicator – Spain 35 index can be expected to fall further toward the next support level 8260.00 (target price for the completion of the active minor corrective wave (ii) and low of the previous waves (iv) and 2).