Is Momentum Changing for IBEX 35 Index? Price Just Crossed Below Its 100 Day Moving Average

The Hourly View for IBEX 35 Index

  • At the time of this writing, IBEX’s price is down -16 (-0.18%) 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.
  • If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe.
  • Of note is that the 20 hour changed directions on IBEX; it is now pointing down. 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 Index’s hourly price chart is shown below.

IBEX

The Daily View for IBEX 35 Index

  • At the time of this writing, IBEX’s price is up 40.1 (0.46%) from the day prior.
  • The daily chart shows that IBEX 35 Index has seen 2 straight up days.
  • If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 20 day 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 daily candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • Regarding moving averages, it should first be noted that price has crossed the 100 day moving average, resulting in them so that price is now turning above 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.

Below is a daily price chart of IBEX 35 Index.

IBEX