Spain35 Wave Analysis 22 March, 2021

• Spain35 reversed from resistance level 8675.00

• Likely to reach support level 8200.00

Spain35 index continues to fall steadily after the price reversed down from the key resistance level 8675.00 – intersecting with the upper weekly Bollinger Band and the wide weekly up channel from last year.

The downward reversal from this resistance level stopped the previous weekly ABC corrective wave (2) from the start of 2020.

Given the bearish divergence on the weekly Stochastic indicator – Spain35 index is likely to fall further toward the next support level 8200.00.