IBEX35 breaking below the long-term resistance
IBEX35 has broken below the 7185 long-term resistance ad is consolidating for a continuation lower. The instrument is retesting a broken resistance in the consolidation triangle 7185 for a downside extension confirmation. For an upside reversal and higher probability long trade entries, we need to see a break above 7300. IBEX35 reached previously 8000 in a huge swing down retracement. The overall long-term is a downtrend now and a confirmed break below 6900 will lead to an extended continuation lower.
Note – We are inclined to short trade entries with the stop loss above 7250 and preferably upon a break below 6900
Quote of the Day
Consolidation is a time to determine your trading strategy for a continuation or reversal
LIFETIME PREMIUM MEMBERSHIP 40% OFF! 50K FUNDED TRADER ACCOUNT INCLUDED!
If you want to learn trading analysis and how to get to key trading levels like in this article register for Private Live mentoring with your trading evaluation.
Sponsored by our recommended brokers.
