IBEX 35 forecast for the week of October 22, 2012, Technical Analysis

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The IBEX had a fairly positive week, but gave back much of the gains on Friday in order to form a relatively weak looking candle, but not necessarily terminal. This looks like a market that is trying to break through the support level at 7600, but can’t quite find the strength. Alternately, there is quite a bit of resistance at 8200, and we see this is an area that the market will have to break out of in order to become bullish again.

In the meantime we see simple consolidation, and the range been the two levels mentioned above. With this in mind, it is very difficult to place a long-term trade in this marketplace, but it must be noted that the overall trend is decidedly down.

 

IBEX 35 forecast for the week of October 22, 2012, Technical Analysis

IBEX 35 forecast for the week of October 22, 2012, Technical Analysis

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About: FX Empire Analyst - Christopher Lewis

Christopher is a part of the FXEmpire.com analysis team. He writes Forex and Commodities technical analyses on daily and weekly basis. Christopher writes his analyses in a professional and yet simple to understand manner. His analyses are available in both text and videos.

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