The MIB as you can see fell during the bulk of the week, but found the 20,000 level as supportive, and as a result the market did slow down a little bit
The MIB as you can see fell during the bulk of the week, but found the 20,000 level as supportive, and as a result the market did slow down a little bit to the downside. However, we have a significant amount of support below there all the way to the 19,000 level, so we are very cautious about shorting this market, but do recognize that we could very easily go to the 19,000 handle. A supportive candle between here and there would in fact be a buying opportunity, and with that we are waiting to see what happens next.
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.
