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

By FX Empire Analyst - Christopher Lewis
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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.


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