IBEX 35 (IBEX) 3 Day Down Streak Snapped; Breaks Above 50 Day Average

The Hourly View for IBEX

Last Updated February 23, 2021, 00:019 GMT

At the time of this writing, IBEX 35 Index’s price is up 7.01 (0.09%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as IBEX 35 Index has now gone up 8 of the past 10 hours. From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes. 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

IBEX 35’s 3 day negative streak has officially concluded, as the candle from the previous day closed up 1.16% (93.5). Relative to other instruments in the equity indices asset class, IBEX 35 ranked 2nd since the previous day in terms of percentage price change. Let’s take a look at the daily price chart of IBEX 35.

IBEX

IBEX 35 Technical Analysis

First things first: IBEX 35 crossed above its 50 day moving average yesterday. Volatility for IBEX 35 has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For another vantage point, consider that IBEX 35’s price has gone down 6 of the previous 10 trading days.