Spain35 Technical Analysis Report 04 December, 2020

  • Spain35 rising inside impulse wave 3
  • Likely to reach the resistance level 8500.00

Spain35 index continues to rise inside the impulse wave 3 which belongs to the medium-term upward impulse sequence (3) from the middle of November – which started earlier from the powerful round support level 8000.00 (former strong resistance level which stopped the previous sharp upward impulse wave (5) in June, as can be seen from the daily Spain35 chart below).

Given the rising optimism regarding the Spanish economy on the recent reports that the lockdown is having the positive effect on the number of infections in Spain – Spain35 can be expected to rise toward the next resistance level 8500.00 (target price for the completion of the active short-term impulse wave 3).

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