Ibex Forecast October 31, 2014, Technical Analysis

The Ibex fell during the course of the day on Thursday, testing the €10,000 level below and finding massive amounts of support. This support in this area caused the market to bounce and form a nice-looking hammer, which of course is a very good sign for the buyers. Because of this, the market should continue to go higher, and as a result we are very bullish and believe that the market should ultimately test the 11,200 level again, which of course was the most recent high. With that being the case and the fact that the Euro continues to fall in value, we believe that this market should continue to go higher.