Ibex Forecast November 5, 2015, Technical Analysis

The Ibex gapped higher at the open on Wednesday, and then shot above the €10,600 level. This was an area that had recently been resistance, and now that we have broken above there, albeit temporarily, the market looks like it is set to go much higher. With the pullbacks continue to offer buying opportunities, we have no interest whatsoever in shorting. The market now looks as if ultimately we will probably try to get to the €11,000 handle. We are bullish but recognize that there is quite a bit of volatility waiting to happen.