Ftse Mib: expected a decline before new rises. The key titles


Below is an interview with Alessandro Cocco, trader of Tag Group, to whom we asked some questions about the Ftse Mib index and several blue chips.

The Ftse Mib yesterday came to touch the area of ​​23,600 that she indicated as the first target last week. What scenarios are you planning now?

The Ftse Mib has practically reached the first target of area 23,600 and now it is necessary to see if it will be able to lengthen or not in the direction of the psychology threshold of 24,000 points.

Today the upward race is stopping a bit, but it could also be a simple pause before giving life to a continuation of the current trend.

Much will also depend on what the US equity indices will do and if the latter go further, then it will be more credible for the Ftse Mib to reach an area of ​​24,000.

However, I invite you to pay attention to keeping the first support that we can identify in the 23,300 area.
It will be important to defend this threshold because the violation of the same could push the Ftse Mib towards 22.800.

In case of further weakness, the attention will be paid to 22,400 / 22,350 points, the resistance corresponding to the previous highs of the year, which has now become support.

My idea is that in the short term we can see a retracement of the Ftse Mib before a new upward push.

The descent should not push prices below 22,800 points, whose holding should favor a re-start of prices towards 23,600 points before and then in the direction of area 24,000.

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