The MIB initially gapped higher at the open on Wednesday, and then drove all the way to the 20,400 level. This is an area where we had gapped from
The MIB initially gapped higher at the open on Wednesday, and then drove all the way to the 20,400 level. This is an area where we had gapped from previously, and as a result it looks like the market is going to continue to see this area is important due to the fact that we formed a shooting star. The reality is that the market is very negative, so any time it rallies we would have to be suspicious and think that sellers will reenter this marketplace at this point in time. We have noticed in buying until we get above the 20,700 level.
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.
