The MIB initially fell during the day on Friday, but then ended up finding enough support near the 21,900 level to turn things around and form a hammer.
The MIB initially fell during the day on Friday, but then ended up finding enough support near the 21,900 level to turn things around and form a hammer. The hammer of course is a bullish sign, so we can break above the 22,300 level, we feel the market then reaches towards the 22,800 level over the next several sessions. We believe that it’s only a matter of time before the market does breakout, so we have no interest in selling. Quite frankly, there is a gap just below that should continue to offer plenty of support.
MIB Forecast November 23, 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.
