Ibex Forecast November 9, 2015, Technical Analysis

The Ibex initially fell during the course of the day on Friday, but found enough support near the €10,300 level to turn things back around and form a nice-looking hammer. The hammer of course is a bullish sign, so we feel that the market will continue to go higher. However, this is more or less a situation that remains choppy, so this is going to be more of a grind higher than anything else. We have no interest in selling, but recognize that we will have to be patient in our long positions.