The MIB fell during the session on Thursday, but found enough support below the 22,000 level to turn things back around and form a hammer. With that, the
The MIB fell during the session on Thursday, but found enough support below the 22,000 level to turn things back around and form a hammer. With that, the hammer suggests that the market is going to go higher, and on a move above the top of the hammer we believe that we will try to fill the gap given enough time. The gap extends all the way to the 22,900 level so we are certainly bullish. We believe that pullbacks offer buying opportunities as well. However, if we close down below the bottom of the hammer, we feel that the market will continue to go much lower.
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.
