The MIB gapped higher at the open on Monday, testing the 17,500 level. Ultimately, if we can break above the top of the range from last week, we would be
The MIB gapped higher at the open on Monday, testing the 17,500 level. Ultimately, if we can break above the top of the range from last week, we would be buyers. In other words, we need to go above the 17,600 level in order to start going long. Ultimately, this is a market that should continue to go even higher than that, as there is a massive amount of support and of course gapping just below. Pay attention to the value the Euro and of course the other European indices, because they have a massive influence on this market. That the value the Euro continues to fall, the MIB will rise. All European indices tend to move in concert, so pay attention to the DAX and the CAC as well.
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.
