Buy Spanish index Towards 11705.00
Technical Observation:
Following the gap above the retracement zone 10624.1-10435.8, the Spanish index retraced back to this zone but got rejected and is currently rallying to the upper side. Unless there’s a clear bearish breach below this zone especially below 10435.8, I expect a bullish move towards 11705.00. On the daily chart above, I choose to remain long with the long position opened during the previous week. My advice remain long towards 11705.00.
Technical levels:
Resistance levels
R1:11705.00
R2: 9768.08
Support Levels
S1: 9226.8
S2: 8550.5
Trade Signal
Long IBEX35towards 11705.0.
Sell ASX around 5969.7
Technical observation:
Since December 5th 2016, #ASX entered into a consolidation only rallying with the ascending wedge. On May 2nd this year, this index got rejected from the upper trend line acting as the top of this wedge. I expected a bearish rally towards the lower trend line but as it appears, this index could rise towards 5969.7 before heading short. Thus, the best place to long #ASX is upon a breakout above 5995.3 or upon a clear rejection from the lower trend line.
Technical levels:
Resistance levels
R1:5969.7
R2: 6200.00
Support Levels
S1: 5580.2
S2: 5700.01
Trade Signal
Long #ASX above 5995.3 towards 6200.00
Flat
Technical Observation:
For the past three weeks, silver has dropped almost 3000 pips but is currently rallying around a key demand zone 22.15-21.77. Unless there’s a clear bearish breach below this support zone, I expect a clear rejection from this zone to long silver towards 24.08. A clear breakout below this zone will mean waiting for as retracement to the just broken zone to sell silver towards 19.54
Technical levels:
Resistance levels
R1:24.08
R2: 26.80
Support Levels
S1: 22.15
S2: 19.54
Trade Signal
Flat
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