MIB Forecast October 9, 2014, Technical Analysis

The Milanese exchange had a fairly negative session on Wednesday, as we ended up forming a shooting star at the bottom of a downtrend. This is a fairly negative sign, and as a result we are looking for supportive candles below in order to start buying or possibly selling this market if we do get below the 19,000 level, as it is a significantly supportive area. A move below there would be a relatively negative sign, and therefore we would be much more comfortable selling below that handle. If we do get a buying opportunity, we would expect 20,000 to be hit fairly soon.