Ichimoku Update Spain Stock market March 7, 2016
Figure 1 shows the eSignal Monthly Ichimoku chart for the Spain Stock Composite $IBC-MAC. We broke the support at 9061 on Jan 23 and price continue to move down to the next support at 7820.00. There is high probability we will now consolidate between 9061 and 7820 until one of them is broken. The probabilities are still higher to breaking the support since we are below the cloud.
Figure 1a: eSignal Ichimoku Monthly chart of Spain Stock market
Figure 1b: eSignal Ichimoku Monthly chart of Spain Stock market Jan 23, 2016
Figure 2 shows the eSignal Ichimoku Weekly chart for the Spain Stock market. The resistance on the weekly was higher so we moved it up to 9209.17. This weekly resistance value is controlling the bearish trend. As long as this resistance holds, the bearish trend will continue and we will have a high probability of retesting the support at 7820.00.
Figure 2a: eSignal Ichimoku Weekly chart of Spain Stock market
Figure 2b: eSignal Ichimoku Weekly chart of Spain Stock market Jan 23, 2016
Figure 3 shows the Daily time frame for the Spain stock market. The daily is supporting the weekly time frame. As long as price remains below the resistance value of 9209.17, the market will be bearish.
Figure 3a: eSignal Ichimoku Daily chart of Spain Stock market Jan 3, 2016
Figure 3b: eSignal Ichimoku Daily chart of Spain Stock market Jan 23, 2016
In summary,the Spain stock market is still bearish as long as the resistance at 9209.17 holds.
Spain Trade Analysis MAP-MAC: Mapfre
As the Spain stock market has been bearish, we have analyzing MAP-MAC in a bearish trade. Figure 4 shows the chart for MAP-MAC, Spain stock. Price went to our lowest support and held it SO FAR. This is the bottom of a long term consolidation pattern.
Figure 4a: eSignal Ichimoku Monthly chart of MAP-MAC
Figure 4b: eSignal Ichimoku Monthly chart of MAP-MAC Jan 23, 2016
Below is Ichimokutrade Heatmap table for all the major stocks in the Spain Stock market (Table 1). The table now has a mixture of colors. This is caused by the overall stock market long term consolidating. The key thing to note is in the weekly bearish trend for the Spain stock market, there are still some Green boxes on the monthly time frame. They are the strongest of the group. AMS-MAC is one to definitely look at…..
Table 1a: Ichimokutrade heatmap table for Spain Stock market
Table 1b: Ichimokutrade heatmap table for Spain Stock market Jan 23, 2016
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