IBEX 35 Shows Short-Term Exhaustion Signals

EagleFX Team EagleFX

The IBEX 35, in its hourly chart, shows the breakdown of an ascending wedge, which gives us a signal of exhaustion of the short-term bullish sequence started on January 31st at 9,334 pts.

On the other hand, the bearish divergence exhibited by the oscillator confirms the exhaustion signal of the ascending wedge pattern. However, divergence is not a guarantee of the reversal movement; it requires confirmation by price action.

A short position will activate if the price breaks and closes below 9,972 pts, just below the last low of the ascending wedge. In our conservative scenario, the Spanish index could drop until 9,866 pts. If the market action increases its bearish momentum, the IBEX could extend its falls until 9,759 pts, and even plummet till 9,563 pts.

The invalidation level of our bearish scenario is placed at 10,104 pts, which is slightly above the last top of the short-term upside.

Trading Plan Summary

Entry Level: 9,972 pts.

Protective Stop: 10,104 pts.

1st Profit Target: 9,866 pts.

2nd Profit Target: 9,759 pts.

3rd Profit Target: 9,563 pts.

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Author

EagleFX Team

EagleFX

EagleFX Team is an international group of market analysts with skills in fundamental and technical analysis, applying several methods to assess the state and likelihood of price movements on Forex, Commodities, Indices, Metals and

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