Pressures on European markets are booming after the political turmoil in Spain is worrying investors. Expectations were that the volumes would remain low, but considering what is happening in Spain and the not yet formed government in Germany, the decisions of the traders take precedence over decisions and raise volatility and volumes.
Markets reflect the Catalan vote yesterday, which led to a victory for the separatists, and new concerns about Spain's future. The Spanish index IBEX35 continues to trade in the downward trend since early May, breaking the long-term trend. Today at the start of the European markets, IBEX launched the session downward, confirming the level of resistance formed by 38.2% Fibonacci correction and the short-run diagonal of the downward channel. 50 and 200 SMAs are bridged, with the price below 50SMA opening with GAP down - a strong negative signal.
SL: 10 500
Jr Trader Petar Milanov
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