Ibex Forecast August 20, 2015, Technical Analysis

The Ibex gapped higher at the open on Thursday, clearing the €10,200 level. Because of this, the market looks as if it is ready to go higher, and as a result we are buyers not only on a break above the top of the range for the day on Thursday, but also pullbacks offer supportive looking candles. With this, we should then reach towards the 11,000 level given enough time, and look at this market is one that cannot be sold as the resiliency and strength seems to be coming back to European indices in general.