Ibex Forecast August 24, 2015, Technical Analysis

The Ibex as you can see initially gapped lower at the open on Friday, but then turned back around to fill that gap. By the end of the day though, we broke down significantly and close below the €10,300 level. With this, it looks like the market is going to continue to go much lower, but we also recognize that €10,000 below will be rather supportive. With this, we think that short-term selling opportunities present themselves, but you cannot hang onto the trade for any real length of time at this point as there isn’t much in the way of room.