The MIB fell initially during the course of the day on Thursday, but found enough support near the 18,700 level to bounce and form a nice-looking hammer.
The MIB fell initially during the course of the day on Thursday, but found enough support near the 18,700 level to bounce and form a nice-looking hammer. This hammer of course suggests that the buyers are going to come back in and go towards the 20,000 level. We believe that we will break above there eventually, and had much higher, probably heading towards the 21,500 level. That being the case, we are bullish of the MIB as we believe that money is flowing back into the peripheral European markets such as the one here in Milan.
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.
