SP35/IBEX: BEAR flagging 30%+ correction(SL/TP)(SWING)

Aug 4, 2020

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SP35/IBEX: BEAR flagging 30%+ correction(SL/TP)(NEW)
IMPORTANT NOTE: speculative setup. do your own
due dill. use STOP LOSS. don't overleverage.

🔸 Summary and potential trade setup
::: IBEX/SP35 chart review and outlook
::: bear flagging on 4days/candle chart
::: 8300/8350 massive gap fill pending
::: GAP is getting filled and then we are getting
::: a 30% correction in Q3/Q4 2020
::: up to 30% correction next 6/9 months
::: short-term likely more upside though
::: currently trading at 7 000
::: so next 4-12 weeks may pop higher
::: HEAVY RESISTANCE: 8300/8350
::: Recommended strategy: SHORT IT 8300/8350
::: SL 5% TP1 20% TP2 +30%
::: SWING trade setup for patient traders
::: do not expect fast/overnight gains
::: good luck traders
🔸 Supply/Demand Zones
::: N/A
::: N/A
🔸 Other noteworthy technicals/fundies
::: TD9/Combo update: N/A
::: Sentiment short-term: BULLS
::: Sentiment outlook mid-term: BEARS/REVERSAL

Aug 4, 2020

Note

Spain's IBEX 35 Index futures have slumped 11% in 9 trading sessions "as fears of new lockdowns coupled with weaker than expected macro data soured investors' sentiment," said Reuters' Stefano Rebaudo.

Aug 4, 2020

Note

Spain reported 1,525 new COVID-19 cases on Friday, making it the most significant increase in cases since June, which was around the time national lockdown was lifted. Countries in Europe are now advising citizens against travel to Spain.

Aug 4, 2020

Note

Spain's GDP, like Germany and France, reported last week some of the biggest crashes ever for the second quarter. The eurozone economy contracted by 12.1% in 2Q YoY.

Aug 4, 2020

Note

Depressing data in the eurozone, more importantly, Spain, highlights the collapse in the travel and tourism industry, fading any hopes a quick rebound will be seen.

Aug 4, 2020

Note

The virus is re-emerging across the world, maybe the souring of investors' mood in Spanish stocks is a precursor to a much broader sell-off.