The MIB initially gapped higher at the open on Wednesday, and then fell straight back down, crashing through the 19,500 area. With that being the case,
The MIB initially gapped higher at the open on Wednesday, and then fell straight back down, crashing through the 19,500 area. With that being the case, the market looks as if it is going to continue to drop from here, heading to the 19,000 level. The 19,000 level below should be rather supportive though, so we feel that the buyers may step in and pick the market up in that general vicinity. Any supportive candle down there would be a nice buying opportunity, but in the short-term we believe that this market will continue to go lower and offer selling opportunities.
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.
