ID has printed a 30m sell signal. The price has retraced to sell signal candle and supply zone formed at this price. We should get a hard rejection off this area to the previous swing low/demand zone (red box).
SPA 35 seems is approaching a resistance level dating back to March '23. Adding to that the 4h RSI is oversold. Sell?
Risky assets continue to climb the wall of worry, but the reality is we’ve seen conditions ripe for equity appreciation. Granted, the global central bank balance sheet is falling but the rate of change is contained, and US bank reserves are not falling as fast as feared. Liquidity is currently not the bearish catalyst for equity drawdown that many thought it...
SPAIN 35 IS TESTING THE SIGNIFICANT TRENDLINE RESISTANCE, WAIT TILL THE DAILY CLOSE, EITHER SHORT STRAIGHT AWAY OR WAIT FOR A 50 PERCENT RETRACEMENT OF THE PIN BAR AND PUT STOP LOSS ABOVE THE WICK, AIM FOR RECENT LOWS OR CHANNEL BOTTOM.
For IBEX 35 we foresee a new low to the Long-Term Ascending trend-line which could be tested again before to start to climb again.