IBEX 35 (IBEX) Fares the Worst Out of equity indices, 6 Day Up Streak Snapped; Evening Star Pattern Appearing on Chart

The Hourly View for IBEX

Last Updated February 11, 2021, 00:020 GMT

Currently, IBEX 35 Index’s price is down -2 (-0.02%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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 downtrend 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’s 6 day positive streak has officially concluded, as the candle from the day prior closed down 1.44% (118). On a relative basis, IBEX 35 was the worst performer out of all 14 of the assets in the equity indices asset class today. Let’s take a look at the daily price chart of IBEX 35.

IBEX

IBEX 35 Technical Analysis

First things first: IBEX 35 crossed below its 50 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. This may setup an interesting opportunity for traders looking to buy dips in anticipation of the primary trend resuming. For additional context, note that price has gone up 8 out of the past 14 days. And for candlestick traders, a special treat: there is a evening star pattern showing up on the charts as well. Rejoice!