Ibex Forecast November 16, 2015, Technical Analysis

The Ibex went back and forth during the course of the day on Friday, forming a relatively neutral candle. The €10,000 level below offered quite a bit of support, as it has several times previously. Ultimately, we believe that this market could bounce from here but we need to see a move above the top of the range at the €10,200 level on Friday in order to start buying. Once we do get that move, we feel the market is reaching towards the €10,500 level. A break down below the €11,000 level should send this market looking towards the €9700 level.