The Ftse Mib in the last few sessions has slowed down a bit, without however registering significant declines. How do you assess the current market scenario?
In last week's interview for the Ftse Mib we had indicated a first upside target in the 23,600 area, signaling the possibility of an extension towards 24,000.
In fact, the index has extended its pace towards the latter level, and then slowed down a little.
This week at Piazza Affari we had three sessions with the minus sign, to be honest I would have expected more negativity, with a more consistent retracement of the Ftse Mib.
The market, however, shows a good hold and now the index presents a first support in the 23.350 area, with a resistance on the maximums updated in the last days close to the 23.800 points.
If the Ftse Mib will be able to defend the support indicated above it could start up again and this would lead us to classify the movement of the last sessions as a simple pause in the upside.
On the upside beyond the highs at 23,800 points, the index will increase the pace towards 24,000 and 24,300 points and then in the direction of 24,500 / 24,540 points, returning to the highs of 2018.
In case of violation of the support in area 23.350, the Ftse Mib will be able to fall back to 22.850 points.
The trend is bullish, we are still above the first support, but a retracement in the event of a downward breach of 23,350 points cannot be ruled out.