IBEX35 Broke A Major Resistance


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Binary IBEX35 soared today as on Thursday it became clear that there will be QE3 in the States. The optimistic wave pushed Spain’s index much higher than any of his European rivals, because the country is very sensitive to any debt-solving decisions. Last week the index gained 4.91% in one day after ECB President Mario Draghi announced that the bank he governs will buy unlimited amounts of short-term government bonds of troubled counties, with Spain and Greece kept on the scope. Today binary options on IBEX35 opened 60 points higher than yesterday’s close and continued its advance to the current 2% green. However the daily chart reveals the really interesting story. Today prices went above 8071, which was considered major resistance for the whole summer. The market bottomed there in the early March, but later broke below it and sunk more than 2000 basis points. Now the fundamental background of the European economy hasn’t changed that much from the times when the market was plunging, but both ECB and FED have declared decisive measures to boost economy and save troubled countries from the Eurozone. Technically the market should head to its next daily chart resistance that comes close to 6600. Binary options probably wouldn’t advance every day as much as they do now, but the bullish campaign is expected to continue during the next several weeks. As long as the market stays above 7640, long-term binary traders could calmly stay on the long side, buing call options and touch up options.

Source: binaryoption
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