IBEX 35 (IBEX) Fares the Worst Out of equity indices, Down 0.34%; is Inching Close to 20 Day Average

The Hourly View for IBEX

Last Updated February 12, 2021, 18:19 GMT

At the time of this writing, IBEX 35 Index’s price is up 1 (0.01%) from the hour prior. IBEX 35 Index has seen its price go up 9 out of the past 10 hours, thus creating some compelling opportunities for bulls. 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 pin bar candlestick pattern on IBEX 35 Index. Given that we see an uptrend on the 10 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 came into today down 0.34% (27.8) from the open of the previous day, marking the 3rd straight day it has gone down. On a relative basis, IBEX 35 was the worst performer out of all 14 of the assets in the equity indices asset class today. Below is a daily price chart of IBEX 35.

IBEX

IBEX 35 Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed down. This may setup an interesting opportunity for traders looking to buy dips in anticipation of the primary trend resuming. Or to view things another way, note that out of the past 10 days IBEX 35’s price has gone up 6 them.