Ichimoku Update Spain Stock market Dec 13

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Figure 1 shows the eSignal Monthly Ichimoku chart for the Spain Stock Composite $IBC-MAC.    The sentiment is bullish but it is consolidating between 9061.54 and 11339.97 for a long term basis.     Recently, another major resistance has formed at 10624.14 indicating that the resistances are moving lower trying to cause price to reach the support at 9061.54.   Price bounced off this lower resistance and slowly moving to the support at 9061.54


Figure 1:  eSignal Ichimoku Monthly chart of Spain Stock market


Figure 2 shows the eSignal Ichimoku Weekly chart for the Spain Stock market.  The weekly time frame has a bearish sentiment.    The weekly had the same major resistance at 10624.14 as the monthly time frame.   Therefore, this resistance was a multiple time frame resistance.     The weekly is supporting the monthly time frame to increase the probabilities of reaching the support at 9061.54.     Furthermore, the weekly has established another resistance lower at 10424.30 and now trying to retest the low at 9400.    The resistance on the lower time frames are going lower so this is helping price to establish a bearish trend on the lower time frames.


Figure 2:  eSignal Ichimoku Weekly chart of Spain Stock market


Figure 3 shows the Daily time frame for the Spain stock market.   During the last update, the sentiment was still not bearish.     This was stopping price in starting a major trend.     Now, the sentiment is bearish on the daily time frame.     In fact, price is for the first time in a long time, below the cloud on ALL time frames except monthly.   This is what is driving price to get to the next major support on the monthly time frame.


Figure 3:  eSignal Ichimoku Daily chart of Spain Stock market


In summary, the Spain Stock market is bearish trying to get to the monthly major support at 9061.54.    If price ever gets below the monthly cloud, a major bearish trend will be establishing for a long term basis.



Spain Trade Analysis MAP-MAC: Mapfre



Figure 4:  eSignal Ichimoku Daily chart of MAP-MAC

Figure 4 shows the Daily chart for MAP-MAC, Spain stock.   The boundary condition was the major resistance at 2.61.   If it could break it, it would start a bullish trend.   If not, it would have a high probability of retesting the low.   Price held the resistance and also retest the low now!




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