The MIB initially fell during the day on Wednesday but found enough support below the 18,400 level to turn things around and form a rather positive
The MIB initially fell during the day on Wednesday but found enough support below the 18,400 level to turn things around and form a rather positive looking candle. It’s not quite a hammer, the body is far too long but it appears to tell us the same thing: that buyers are very interested in this market. With this, we are buyers of pullbacks as it should continue to make for a grind higher on an attempt to reach the 19,200 level yet again. A move above that level would be a longer-term “buy-and-hold” situation, which we ultimately feel is going to happen.
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
