IBEX 35 Forecast October 16, 2012, Technical Analysis

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Spanish stocks continue to struggle as they have been over the last couple weeks on Monday. The market currently sits just above the 7500 level, and this is an area that we suspect will offer sport.

It should be noted however that the last three days have essentially been a very tight range, and as such we think this market is consolidating in order to make its next move. We see a break of the 7800 level as very strong, and would of course be bullish on Spanish stocks in that event. However, it looks just as likely see break down below the 7500 level, and this of course would have us very bearish.

With Spanish bonds yielding less and less every day, there is a chance that we will see quite a bit of a bid put into the Spanish stock markets. As far as we’re concerned, we feel that this is a market better off observed at this time, rather than played.

 

IBEX 35 Forecast October 16, 2012, Technical Analysis

IBEX 35 Forecast October 16, 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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