The MIB initially gapped lower at the open on Monday, but found enough support near the gap at the 21,500 level to turn things back around and reach
The MIB initially gapped lower at the open on Monday, but found enough support near the gap at the 21,500 level to turn things back around and reach towards the 22,000 level. If we can break above there, the market should then reach towards the 22,500 level and beyond. Ultimately, the MIB should continue to break out to the upside, as this gap should offer a bit of a floor. We don’t really have an interest in selling this market at the moment, at least not until we break significantly below the 21,500 level. Regardless, this is a market that will probably be fairly choppy.
MIB Forecast November 17, 2015, Technical Analysis
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
