Today’s Ibex 35 Signal
Risk 0.5%
Trade can be taken during the European trading hours
Long Trade 1
Buy the Ibex 35 at 9180
Set stop loss at 9095
Take half profit at 9350
Set stop loss to break even at 9350
Ibex 35 Analysis
During the day on Wednesday, we pulled back in the Ibex 35 as the Spanish index continues to find the 9100 level important. By doing so, we found enough support to turn around and form a bit of a hammer, and at a place that should be very interesting. I think at this point in time we will probably trying to reach towards the next high, which of course is the 9350 handle. Of particular interest is the fact that the 200-day exponential moving average has been broken recently, and as a result the longer-term buyers seem to be involved at this point in time.
I see no massive announcements coming out during the day that should move the Ibex 35.
