The MIB initially tried to rise during the course of the session on Thursday, but turned back around just below the 22,500 level to fall towards the
The MIB initially tried to rise during the course of the session on Thursday, but turned back around just below the 22,500 level to fall towards the 22,100 level. Ultimately, this is a market that ended up forming a relatively bearish looking candle, but there is more than enough support just below to keep this market from falling too much further. We believe that waiting on a supportive candle is probably the way to go as far as buying is concerned, so we will wait to see whether or not we get that opportunity. In the meantime, we would just be on the sidelines.
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.
