Ibex forecast for the week of October 27, 2014, Technical Analysis

The Ibex broke higher during the course of the week in order to clear the €10,300 level, and more importantly the hammer from the previous week. That being the case, we feel that the market should continue to go much higher, probably aiming for the €11,200 level, which of course was the recent high that we have had twice. Because of this, we believe that we will head to that area and then eventually break out above it. We have no interest in selling this market as it does in fact look bullish at this point.