MIB Futures Forecast November 7, 2012, Technical Analysis

The Milanese stocks fell initially during the session on Tuesday, as we see and this futures chart. However, we did get bullish action by the end of the day and formed a hammer to close out the Tuesday session. This hammer suggests that we are going higher, but we are currently grinding out a symmetrical triangle suggesting that we will have a sharp move sooner or later. With this in mind, we are very hesitant to take position in this market at the moment, but a move above 16,200 would have us buying hand over fist. As for selling, a move below 15,000 would be very bad news.

 

MIB Futures Forecast November 7, 2012, Technical Analysis
MIB Futures Forecast November 7, 2012, Technical Analysis

Leave a Reply

Your email address will not be published. Required fields are marked *