The MIB as you can see initially fell during the course of the week, but found enough support just below the 23,000 level to turn things back around and
The MIB as you can see initially fell during the course of the week, but found enough support just below the 23,000 level to turn things back around and form a hammer. The hammer of course is a bullish sign, and as a result we believe that the market will eventually break higher to the upside. However, we need to get above the highs from the previous week in order to be more of a “buy-and-hold” type of market. Ultimately, we think pullbacks are buying opportunities as well. Short-term traders will continue to go back and forth, but you are going to have to be very patient if you are looking for a longer-term move higher.
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.
