IBEX 35 (IBEX) Up 0.22%, Breaks Above 20 Day Average; Pin Bar Pattern Appearing on Chart

The Hourly View for IBEX

Last Updated February 15, 2021, 23:19 GMT

At the time of this writing, IBEX 35 Index’s price is up 6 (0.07%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. 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

The end of a 3 day negative run has come for IBEX 35, which finished the day prior up 0.22% (17.4). Out of the 14 instruments in the equity indices asset class, IBEX 35 ended up ranking 8th for the day in terms of price change relative to the day prior. The daily price chart of IBEX 35 below illustrates.

IBEX

IBEX 35 Technical Analysis

First things first: IBEX 35 crossed above its 20 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed down. So if you expect the primary trend to resume, the counter trend may be providing an opportunity to buy dips. For another vantage point, consider that IBEX 35’s price has gone up 9 of the previous 14 trading days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.