The MIB fell during the session on Wednesday, losing over 1 1/4% for the day. The market falling tested the 16,600 level yet again, which of course has
The MIB fell during the session on Wednesday, losing over 1 1/4% for the day. The market falling tested the 16,600 level yet again, which of course has shown support during the day. On top of that, we believe that the 16,500 level is supportive as well, and because of that we are looking for some type of supportive candle in order to start buying. We think ultimately this market should go higher anyway, but we do not have the right buy signal quite yet. As far as selling is concerned, we do not do so in this market because we believe most European indices will continue to go higher later this year.
MIB Forecast September 5, 2013, Technical Analysis
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.
