IBEX Forecast Today - 16/10: Continues To Strengthen (Chart)
Date
10/16/2024 11:36:46 AM
(MENAFN- Daily Forex)
In my daily analysis of European indices, the Spanish IBEX 35 has captured my attention as we are continuing a big move from the previous session. The Tuesday session has seen the market break above the €11,900 level, and now it looks very much like it is ready to try to break out above the recent swing high, which of course is closer to the €11,975 level.
There is a certain amount of psychology around that resistance barrier, mainly due to the fact that the €12,000 level is sitting right there. Breaking above that region would of course in the Spanish IBEX 35 higher, and probably have a lot of“FOMO trading” coming into the picture. Remember, Spain is a second-tier index in the European Union, so when things start to look healthy and bullish, a lot of times traders will look to Spain in order to boost some of their returns. That being said, it also tends to be extraordinarily volatile at the same time and should be approached with a certain amount of caution.
Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money Technical Analysis
The €11,550 level offered support multiple times over the last couple of weeks, and it is also attracting the 50 Day EMA. Both of these things coming into fruition seem to put a bit of a floor in the market in that general vicinity, so therefore I think at this point in time, short-term dips will more likely than not attract a lot of attention for those looking to find value and put money to work in Europe, but perhaps beyond the stability of Germany or France.
Speaking of Germany and France, keep an eye on the DAX and the CAC, because it can quite often“front running” other indices such as the IBEX 35 in Spain, the MIB in Italy, and the AMX in Amsterdam. Simply put, we need to see Germany and France do well, in order for people to feel comfortable to put money to work in some of the more volatile indices such as this one.
Ready to trade our daily forex forecast ? Here are the best CFD stocks brokers to choose from.
MENAFN16102024000131011023ID1108787378
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.