Ibex 35 Forex Signal - 27 October 2016

Christopher Lewis

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.

Ibex 35

Christopher Lewis

Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy.

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