MIB 40 Forecast Today 11/7: Nears Key Resistance (Video)
Date
7/11/2024 4:48:26 AM
(MENAFN- Daily Forex)
In my daily analysis of the Italian MIB 40, I can see that we still have plenty of upward momentum, and it looks like we are ready to perhaps continue to go higher. That being said, it's worth noting that there is a significant amount of resistance near the 34,500 level, and that is an area that I think is key to where we go next.
You'll notice that a couple of days ago, we ended up forming a couple of long wicks, and we are trying to take those out. That, of course, is a situation where if we can get above there, then we could go looking to the 35,000 level. Short term pullbacks at this point in time should continue to find plenty of support, especially near the 50 day EMA near the 34,000 level. This is an area that I think a lot of people will be watching for any real interest and reaction.
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Support and the DAX as an Indicator
If we were to break down below there, then the market could go down to the 33,350 level. In general, this is a market that continues to be very noisy. And of course, you will have to pay a certain amount of attention to the Dax in Germany because it leads the rest of the European Union, European indices across the board.
We had a good day during the session on Wednesday, so it's no surprise that more money flew into Italy. I do believe that Italy continues to rise given enough time, but I also recognize that there is a lot to chew through above, and therefore I think it's going to be very noisy. That's not new for the mob. So, with that in mind, I would venture to say that you need to be cautious and perhaps look for short term pullbacks to build a position, not necessarily jump straight in expect noisy behavior. But I think the uptrend is still very much intact.
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