Binary IBEX35 is following the global downside tendency recently. Binary options on the binary index have undergone a slide of almost 600 points. The underlying asset has become very volatile offering many opportunities for trading to the aggressive binary traders. The more conservative ones should stand aside or wait for few good signals.
Average true range of the underlying asset is about 200 points per day. Not bad for a binary index, whose value is less than 7000 points. When trading such a binary instrument, the binary traders should use strict and clear technical instruments in order to capture the moments for buying and selling their entire positions.
Currently, the binary options are hovering above 6630 points. They are going back and forth several times because it could turn out to be strong support. It represents 50% of retracement from the wave 6000 points to 7200 points. It has been tested 2 times till now and left 2 big downward shadows. The current daily candle is forming higher low. It brings a bullish signal typically. The trading session is in its heat. So, there is plenty of room to continue rising.
Potential resistance is 6780 points.
Potential support is 6500 points.
The information in this analysis is collected from different sources and should serve for informative purposes only. The author shall not be held responsible for the validity of the presented information. No part of this analysis recommends the purchase or sale of a currency pair or any other financial instrument.