. IBEX 35 Technical Analysis: Weekly & Daily Charts - 16 May 2023

IBEX 35 Technical Analysis: Weekly & Daily Charts – 16 May 2023

IBEX 35 Technical Analysis: Weekly & Daily Charts – 16 May 2023

16 May 2023

IBEX 35 Technical Analysis: Weekly Chart

weekly chart on candlestick

In the weekly charts, IBEX 35 is trading in an up channel. IBEX 35 is currently trading above all SMA.

RSI is in the buying zone which indicates bullishness. MACD is currently above zero which indicates bullishness.

Its immediate support is 9000 the resistance level is at 9600

IBEX 35 will trade in an up channel until there is a trend reversal.

IBEX 35 Technical Analysis: Daily Chart

weekly chart on candlestick

In the daily charts, IBEX 35 is trading in an up channel. IBEX 35 is currently trading above all SMA except MA (20)

RSI is in the buying zone which indicates bullishness. MACD is currently above zero which indicates bullishness.

Its immediate support is 9000 the resistance level is at 9600.

IBEX 35 will trade in an up channel until a trend is reversed.  

How to Trade IBEX 35 this Week:

IBEX 35 will follow the uptrend until its trend reversal. So, remain bullish on IBEX 35.

TRADE SUGGESTION- BUY AT 9200, TAKE PROFIT AT 9600 AND STOP LOSS AT 9000.