The MIB as you can see gapped lower at the open on Thursday, and then tried to rally. However, the 24,000 level above offered enough resistance to turn
The MIB as you can see gapped lower at the open on Thursday, and then tried to rally. However, the 24,000 level above offered enough resistance to turn things back around and form a shooting star. With this, the shooting star suggests that we are going to go lower, but eventually we should find some type of support to start buying. On the other hand, if we can break above the 24,000 level, that is also a very bullish sign. Either way, we are buyers of the MIB on either type of move at this point in time.
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.
