AvaTrade - Analytics

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IBEX formed symmetrical triangle Pattern, will you trade?

The IBEX index is trading below the downward trend line on a 4 hour time frame. This confirms that the index is trading towards the downside however it is has also formed a symmetrical triangle pattern which ranks on the bottom of the list. If the symmetrical triangle broken towards the downside, the probabilities are higher that the price will go pass the support zone which is mentioned below. However, as the price has formed more higher lows within this pattern so it is more likely that it will break towards the upside.

The RSI and MACD indicators are trading in line with the price action which is towards the downside.

Screen Shot 2015-05-15 at 09.41.18

Important Zones

11620.11574 Resistance

10945- 10892 Support

 

 



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