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The Spanish IBEX 35 is (just) holding its 2012 low, but an eventual break is seen as likely to mark a multi-year top, analysts at Credit Suisse inform.

Key quotes

“The IBEX’s recent collapse below 7580 has completed a large top for a test and essentially hold for now at the 5905 low of 2012.”

“Strength from here though is seen as corrective and our bias is for 7452 to ideally cap further strength for a retest and then eventual clear break of 5905.” 

“Above 7452 would suggest a deeper recovery can be seen towards 8000/25.”