The MIB as you can see initially fell during the course of the session after gapping higher, but found enough support near the 23,300 level to turn things
The MIB as you can see initially fell during the course of the session after gapping higher, but found enough support near the 23,300 level to turn things back around and form a hammer. Now that we have formed a hammer, short-term traders will continue to buy this market and then reach towards the 24,000 level. A break of the hammer is exactly what we need to see to the upside, but on the other hand if we broke down we think there is more than enough support below to keep this market somewhat afloat.
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.
