IBEX 35 Forecast Today 28/10: Looking For Momentum (Video)
Date
10/28/2024 2:28:11 PM
(MENAFN- Daily Forex)
The Spanish index during the trading session on Friday was pretty noisy and choppy, but really at this point in time, I think we're just hanging around the 11,800 euro level to run out the clock heading into the weekend. It doesn't take a whole lot of imagination to think that perhaps we are in the midst of forming an ascending triangle, which is obviously a very bullish sign. It's also worth noting that the Spanish index is a little further out on the risk spectrum than many of the other European indices. So you will have to watch the DAX.
The DAX is the leader, the blue chip companies of the European Union. And if the DAX starts to take off to the upside, then other countries like Spain and Italy will follow.
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From a technical analysis standpoint, even if we do break down from here, the 50 day EMA is hanging around the 11,600 euro level, which is also an area that previously had been supported. The market really isn't that far from the recent swing high and the 12,000 euro level. And I think this pullback just offers a little bit of value that a lot of people would be willing to take advantage of.
If we were to break down significantly, say perhaps below the 11,500 euro level, then maybe we have to look at the overall health of the trend. But as things stand right now, this looks like a very positive market, and like I said, you will be looking to other indices to get the“all clear” as it were to start buying the smaller ones such as Spain or Italy or even the Netherlands. This is a market that has been very bullish, and I don't really think that's going to change. This is especially true now that it appears that the ECB is in a monetary policy loosening cycle.
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