IBEX35: ICHIMOKU INDICATORS ANALYSIS

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IBEX35: ICHIMOKU INDICATORS ANALYSIS
Scenario
TimeframeIntraday
RecommendationBUY
Entry Point10135.4
Take Profit10484.7
Stop Loss10019.01
Key Levels10073.91, 10244.56, 10039.37, 10244.56
IBEX35: ICHIMOKU INDICATORS ANALYSIS

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is above the price chart, current cloud has reversed from descending to ascending. The instrument has been corrected to the Tenkan-sen line. One of the previous minimums of Chikou Span line is expected to be a support level (10073.91). One of the previous maximums of Chikou Span line is expected to be a resistance level (10196.6).


IBEX35: ICHIMOKU INDICATORS ANALYSIS

On the daily chart Tenkan-sen and Kijun-sen lines have merged, the lines are horizontal . Confirmative line Chikou Span has crossed the price chart from below, current cloud has reversed from ascending to descending. The instrument is trading around upper border of the cloud. The closest support level is Tenkan-sen line (10039.37). One of the previous maximums of Chikou Span line is expected to be a resistance level (10244.56).


On the four-hour chart the instrument is still rising. On the daily chart we can see a correction of the upward movement. It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (10484.7) line and Stop Loss at the level of Kijun-sen line (10019.01).


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