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MIB Forecast October 28, 2014, Technical Analysis

By:
Christopher Lewis
Updated: Aug 25, 2015, 03:00 UTC

The MIB as you can see initially gapped higher at the open on Monday, and then spent the entirety of the session falling. We tested the 19,000 level,

MIB Forecast October 28, 2014, Technical Analysis

The MIB as you can see initially gapped higher at the open on Monday, and then spent the entirety of the session falling. We tested the 19,000 level, which of course offered support based upon the fact that it is a large, round, psychologically significant number. However, this is an outside bearish candle, and it most certainly is engulfing. Because of this we would anticipate to see more bearish pressure, and we believe that buying opportunities may persist at lower levels. With that, we are on the sidelines waiting for a supportive candle.

 

MIB Forecast October 28, 2014, Technical Analysis
MIB Forecast October 28, 2014, Technical Analysis

About the Author

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.

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