IBEX 35 (IBEX) Moves Down For the 2nd Consecutive Day; is Inching Close to 50 Day Average

The Hourly View for IBEX

Last Updated February 19, 2021, 00:019 GMT

At the moment, IBEX 35 Index’s price is up 12 (0.15%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on IBEX 35 Index. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

IBEX 35 Daily Price Recap

IBEX 35 closed yesterday down 0.38% (31); this denotes the 2nd consecutive day a decrease has occurred. Relative to other instruments in the equity indices asset class, IBEX 35 ranked 6th since yesterday in terms of percentage price change. Here is a daily price chart of IBEX 35.

IBEX

IBEX 35 Technical Analysis

The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 30 day timeframe. If you’re looking to trade the primary trend, this may be a good opportunity to buy dips created by the counter trend. For another vantage point, consider that IBEX 35’s price has gone up 8 of the previous 14 trading days.