IBEX 35 (IBEX) Heads Down For the 3rd Day In A Row; Breaks Below 50 Day Average

The Hourly View for IBEX

Last Updated February 19, 2021, 23:19 GMT

At the moment, IBEX 35 Index’s price is up 3 (0.04%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend 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 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 is down 0.8% (64.6) since the previous day, marking the 3rd day in a row a decrease has occurred. Relative to other instruments in the equity indices asset class, IBEX 35 ranked 11th since the previous day in terms of percentage price change. The daily price chart of IBEX 35 below illustrates.

IBEX

IBEX 35 Technical Analysis

Notably, IBEX 35 crossed below its 50 day moving average yesterday. 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. Or to view things another way, note that out of the past 30 days IBEX 35’s price has gone up 15 them.