For additional context, note that price has gone down 6 out of the past 10 days.
This is a reversal of the price action on the previous hour, in which price moved down.
Price action traders may also wish to note that we see a pin bar candlestick pattern on ibex 35 index.
This is the 2nd consecutive hour ibex 35 index has seen its price head up.
Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing.
Price action traders may also wish to note that we see a doji candlestick pattern on ibex 35 index.
It should be noted, though, that a trend in the opposite direction, going down, exists on the 14 day timeframe.
Out of the 14 instruments in the equity indices asset class, ibex 35 ended up ranking 3rd for the day in terms of price change relative to the previous day.
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 100 hour changed directions on ibex; it is now pointing down.