IBEX 35 Index Futures Forecast December 20, 2012, Technical Analysis

The IBEX 35 Index had a strong showing for Wednesday as we continued the bullish action. In fact, we have slammed up against the €8200 level, an area that we have talked about quite a bit here at FX Empire. Because of this, this market is suddenly one that we are very interested in, and the fact that we closed the very highs of the session does in fact suggest that the 8200 level will get broken. If that happens, we would be wildly bullish of this market, as the 8200 level is a significant resistance zone on the longer-term charts as well. We would however, wait until we get a daily close above that level in order to start buying.