Looking at the weekly timeframe, i can see double roof at 11200 and several bear market candles after it. Maybe if the Trend line since Jun 2012, when the Ibex index made a floor, we can confirm the roof and change into a bear market. We´ll se what is going to happen, in the event the BCE start it´s own ¨QE¨ maybe the bullish market can hang in there and go up again.
IBEX is moving in some waves before the ECB news on thursday.
Seems like it's forming a Head and Shoulders figure. Should go to the old resistance line (Now support) before continue with the rally if the figure is confirmed.
Looking 1 month chart looks like a clear Head and Shoulders.
As said, IBEX was going to go up to 10300. This should go above 10500 to a break upwards.
Following RSI, MACD, PPO, BBANDS and the support at 10000. IBEX is oversold and should rise to 10300 and test the resistance. If breaks should go to the Fib spiral level and hopefully above it. USA Stocks are very up and need to pull back before the chrismas rally.
IBEX has found a strong support in the 10870 points. RSI-14 tells us we are really oversold.
im long in this index, but when price crosses the trendline it can go down to 10.750 points (.50 retracement).