IBEX 35 Index Futures Forecast December 28, 2012, Technical Analysis

The IBEX 35 did very little during the session, gaining just 3/10 of a percent as Thursday turned out to be a fairly quiet day in the markets. This of course makes sense as we are approaching the very end of the trading year, and as a result a lot of traders simply are not participating.

However, we are currently just above the €8200 level which is an area that we suggested was significant resistance previously. Because of this, we feel that there is deftly risk to the upside going forward, and as a result certainly wouldn’t sell this market. Alternately, we believe that buying this market is the way to go, and if you are not involved in now or at least do not have a long enough time frame, early in January you almost certainly be doing so. If you have the ability to hang onto the trade for any great length of time, being long at this point certainly is not a bad thing.