The MIB as you can see initially tried to rally during the course of the day on Wednesday, testing the 21,800 level. We found quite a bit of resistance
The MIB as you can see initially tried to rally during the course of the day on Wednesday, testing the 21,800 level. We found quite a bit of resistance there, and ended up forming a shooting star. Because of this, if we can break down below the bottom of the range for the day on Wednesday, we could be sellers. We think this is a short-term trade though, and we believe that sooner or later we will get some type of support. On the other hand, if we break above the top of the resistive looking shooting star for the session on Wednesday, we would be buyers.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
