IBEX Faces Material Falling Resistance; Long-Term Bear Market to Resume?

IBEX Faces Material Falling Resistance; Long-Term Bear Market to Resume?

2013-03-25 · by · in Equities, Europe, IBEX, Technical Analysis

In the chart below Spain’s IBEX faces long-term falling resistance line (1), after rallying ~30% off support line (2).

If line (2) were ever to give way as support, line (3), which runs parallel to line (1) and forms a falling channel, is some 70% lower in the ~2,500 range.

Ditto for line (4), which meets up with line (3) at ~2,500.

Given the resistance at hand, is the bear market for Spanish equities about to resume?

2013-03-25 IBEX - Weekly