• Spain35 reversed from support area
• Likely to test resistance level 8250.00
Spain35 index recently reversed up from the support area located between the strong support level 7750.00 (former monthly low from December – which stopped the previous correction 2), lower daily Bollinger Band and the 38.2% Fibonacci correction level of the previous upward impulse from October. The upward reversal from this support area started the active medium-term impulse wave (3).
Given the strength of the nearby support level 7750.00 and the improved risk sentiment on signs the mass vaccination programme is affecting the daily covoi-19 infection rates – Spain35 index can be expected to rise further toward the next resistance level 8250.00 – followed by 8500.00 (top of the impulse wave (1)).