IBEX 35 (IBEX) Up 0.6%, in an Uptrend Over Past 30 Days; Price Base in Formation Over Past 90 Days

The Hourly View for IBEX

Last Updated November 23, 2020, 02:019 GMT

At the time of this writing, IBEX’s price is down -1 (-0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on IBEX. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 50 hour changed directions on IBEX; it is now pointing up. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

IBEX 35 Daily Price Recap

The choppiness in the recent daily price action of IBEX 35 continues; to start today, it came in at a price of 7977.9 US dollars, up 0.6% (47.7) since yesterday. Relative to other instruments in the equity indices asset class, IBEX 35 ranked 2nd 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 14 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For another vantage point, consider that IBEX 35’s price has gone up 7 of the previous 10 trading days.