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Christopher Lewis
ibexWEEK

The Spanish index gapped higher at the open on Friday, and then shot all the way to the €10,600 level. At that area, the market turned back around to form a shooting star. With this shooting star it looks like we will fall from here, but quite frankly we feel this will simply be a retest of the €10,400 level. This was an area that had been significantly resistive previously, and it should now be supportive. Any signs of support or a bounce from this general vicinity is a buying opportunity as far as we see. It is also very bullish if we can break above the top of the shooting star for the Friday session.

 

Ibex Forecast for the week of October 26, 2015, Technical Analysis

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