IBEX 35 Index Just Breached This Major Moving Average Level

The Hourly View for IBEX 35 Index

  • At the moment, IBEX’s price is up 30 (0.34%) from the hour prior.
  • It’s been a feast for bulls operating on an hourly timeframe, as IBEX 35 Index has now gone up 4 of the past 5 hours.
  • If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe.
  • Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, with price now being above it. 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 Index’s hourly price chart is shown below.

IBEX

The Daily View for IBEX 35 Index

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  • IBEX 35 Index has seen its price go down 12 out of the past 14 days, thus creating some compelling opportunities for bears.
  • If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 day timeframes.
  • Regarding moving averages, it should first be noted that price has crossed the 20 day moving average, resulting in them with price now being below it. The moving averages on the daily 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.
  • Divergence between IBEX’s price and its RSI may be manifesting. As such, be on the lookout for trend reversal in IBEX’s price.

Below is a daily price chart of IBEX 35 Index.

IBEX