Get started
alexinve

#IBEX35: Third COVID-19 wave coinciding with bearish bat pattern

Short
IBEX 35 Index (TVC:IBEX35)  
alexinve  
TVC:IBEX35   IBEX 35 Index
Trend Analysis Harmonic Patterns Fundamental Analysis IBEX 35 CFD ibex35cortos ibex35bajista ibex35bearish ibex35ventas eurusdlong ibex35short
1
0
trendanalysis harmonicpatterns fundamental ibex35 ibex35cortos ibex35bajista ibex35bearish ibex35ventas eurusdlong ibex35short
Some regions of Spain have hardened anti-covid19 measures in order to stop (not even reduce) the contagion. For example, Catalonia's new measures are municipal confinement from the 7th to 17th January, with shopping malls and gyms closed. However, EURUSD getting higher might seduce investors to invest in Spain, a strongly punished market since March 2019.
From a technical perspective, a bearish bat pattern seems to have taken place and I expect the index to close it at 8500 level around January 18.

Happy new year everyone and feel free to comment!
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.