FTSE MIB Forecast October 17, 2012, Technical Analysis

The Milanese Index rose during the Tuesday session in order to break through several resistive candles over the last week or so. The move was impressive as it broke through several shooting stars, and parked at the 15,960 level. The area is the site of the previous gap, but it has been filled recently, and we suggest that perhaps it won’t be the barrier that many would suspect.

Judged upon the last couple of moves in this market, we suspect that Italian stocks will do well in the coming weeks. Obviously, with the Tuesday candle closing at the very top of the range we suspect that Wednesday should be a fairly decent day barring some type of headline shock.

 

FTSE MIB Forecast October 17, 2012, Technical Analysis
FTSE MIB Forecast October 17, 2012, Technical Analysis