IBEX 35 Index May Be Offering a Trading Opportunity With Its Cross Below Its 50 Moving Average

The Hourly View for IBEX 35 Index

  • Currently, IBEX’s price is down -1 (-0.01%) from the hour prior.
  • It’s been a feast for bears operating on an hourly timeframe, as IBEX 35 Index has now gone down 4 of the past 5 hours.
  • Regarding the trend, note that the strongest trend exists on the 20 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 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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  • It’s been a feast for bears operating on the daily timeframe, as IBEX 35 Index has now gone down 9 of the past 10 days.
  • From a daily perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 day timeframes.
  • Regarding moving averages, it should first be noted that price has crossed the 100 and 50 day moving averages, resulting in them with price now being above them. The moving averages on the daily 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.
  • 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