The MIB gapped higher initially during the course of the day on Tuesday, and then fell back to the 22,100 level. This area offered enough support to turn
The MIB gapped higher initially during the course of the day on Tuesday, and then fell back to the 22,100 level. This area offered enough support to turn the market back around and form a hammer, which of course is a bullish sign. Ultimately though, we see quite a bit of noise above, and with this we feel that a break above the top the hammer could be a buying opportunity, but you will have to be patient enough to deal with what is going to be significant volatility. Once we do break out to the upside though, this market should reach towards the 22,800 level again.
MIB Forecast November 11, 2015, Technical Analysis
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.
