The Ftse Mib today is breathing a little after the race of the last sessions. Is the rise near the end of the line or does it still see room for growth in the short term?
Analyzing the long-term chart of the FTSE MIB we can easily see that the prices have returned to the levels of 18 May 2018.
Given and considering that we are strongly overbought, at least in the short term I expect a lateral consolidation movement, if not a correction, with a possible return of the Ftse Mib towards the threshold of 23,000 points.
There is a serious possibility that it is denied and that the blue chip index is able to go beyond the technical and psychological threshold of 24,000 points, which would make me sound even more like an alarm bell.
My advice to those who are already positioned on the market is to set decidedly rigid stop losses, a short-term one at 23,300 Ftse Mib points and the next in the 23,000 area.
To those who are outside Piazza Affari, I suggest staying at the window because I think it is a gamble to enter the current values now and in light of the latest increases.