The Spanish IBEX 35 might resume its long-term uptrend

FX:ESP35   IBEX 35 index of Spanish listed shares
The Spanish IBEX 35 index tested the 10,660 handle twice this week, once on Tuesday and again on Thursday. The double bottom on the monthly Tenkan can be interpreted as being bullish and makes me think that the market has completed its corrective phase initiated back in April. If European equities markets start rallying into the end of the month, the third quarter could prove to be very bullish for the IBEX 35.             A reversal on the 10,660-10,800 monthly support would suggest a move back up to 12,000 later this year. Renewed pressures on the euro             and on European sovereign yields would provide the ideal fundamental backdrop for such a rally this summer.
And we're back in the black for the month of June.
AdrianRaymondFX AdrianRaymondFX
After the initial bounce at the end of the month, we're now below June's lows as the Greek drama continues to weigh on European equities. This is clearly an invalidation of my bullish scenario; however, it might come back into play if the IBEX 35 finishes July above 11.900 pts.
+1 Reply
AdrianRaymondFX AdrianRaymondFX
We're back above the monthly support. Thinks looking good again.
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AdrianRaymondFX AdrianRaymondFX
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