MIB 40 Forecast Today 08/11: Looks For Support (Chart)
Date
11/8/2024 4:19:20 AM
(MENAFN- Daily Forex)
In my daily analysis of European indices, the Italian MIB 40 looks as if it is getting fairly close to a support area that a lot of people might be paying attention to. All things being equal, this is a market that does tend to be a little further out on the risk spectrum, and therefore it's probably worth noting that we have 2 wait to see whether or not risk appetite returns to the markets“en masse”, or if we are going to see more choppy behavior over the next several days. I do think that it is probably only a matter of time before we see some type of support come back into the picture, but in the short term I think we probably have a lot of volatility ahead of us.
Technical Analysis
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The 200 Day EMA is near the crucial €33,000 level and rising, which also happens to be an area where we have seen a lot of support previously. In fact, it's probably worth noting that since the month of March, we have seen that as a major support level multiple times, and therefore I think if we get anywhere near this level, a lot of people will be looking at that as a potential value play.
If we get down to that level, then some type of bounce probably comes into the picture and gets buyers interested in the market yet again, even if it is just for a short-term trade. After all, the €35,000 level above has been important multiple times as resistance, and I think that's the top of the range currently. Furthermore, we also have the Stochastic Oscillator reaching the oversold condition, but it has not crossed over yet, so it's a little bit early to look too much into that. Even beyond that, if we can turn around and take out the top of the candlestick for the trading session on Thursday, then we would clear the 50 Day EMA which would be bullish, at least for the short term.
Understand that the Milano Exchange is going to be sensitive to what happens in other places like the DAX and the CAC, as it does tend to be further out on the risk spectrum so people will need to see comfortable trading in the bigger markets to make this one rally, but I do think it happens given enough time.
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