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FXEmpire | January 19 2013 12:37 EST
By FXEmpire.com
The Milanese futures fell for most of the week, but found enough support at the 17,250 level in order to bounce and formed a beautiful looking hammer. This hammer sits on top of the 17,250 level which looks supportive now, and as a result we think this market is primed to go much higher. A break of the highs of the previous week, at the 17,750 level would signal higher prices and perhaps a run to the 19,000 level in the short-term. As far as selling is concerned, we would need to see a significant breakdown in this marketplace below the 16,500 level, something that we do not expect to see anytime soon.
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