Is Momentum Changing for IBEX 35 Index? Price Just Crossed Above Its 50 Day Moving Average

The Hourly View for IBEX 35 Index

  • At the moment, IBEX’s price is up 12 (0.14%) from the hour prior.
  • This is a reversal of the price action on the previous hour, in which price moved down.
  • If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe.
  • Price action traders may also wish to note that we see a doji candlestick pattern on IBEX 35 Index. Given that we see an uptrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 10 hourly candle timeframe, so the meaning of the candles may require further exploration.
  • 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 29 of the past 30 days.
  • 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.
  • Most noteworthy in the world of moving averages on the daily chart is that the 20 and 50 day moving averages have been crossed, with price now being below 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.

Below is a daily price chart of IBEX 35 Index.

IBEX