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