The Ftse Mib is catching up a bit after the race of the last few sessions that brought it yesterday just over the top in late April. What to expect in the next few days?
The technical scenario of the Ftse Mib has basically remained unchanged compared to the interview two weeks ago.
The index is inserted in a channel with a slightly bullish inclination that accompanies the movement since the end of March.
The Ftse Mib moved within this range and the best operational strategies were certainly those in the buy area, that is, wait for the index to test the lower side of the channel to make purchases and possibly lighten the positions to the side test top of the above channel.
The 18,500 area represented the test of this bullish channel and at a momentum level we are in a slightly positive situation.
The next week will probably be very significant for the Ftse Mib because the ideal movement would be that of the violation of 18.500 points, an area test of 20.000 and then a possible reversal that does not bring the prices below the 18.500 area.
Such a movement would certainly imply a modification of the current scenario which is currently neutral-positive, but which does not yet show this acceleration.
It is clear that investors are waiting for signals and the most important one is given by the contribution of the Recovery Fund.
In Italy we are in a situation of contraction in many sectors of the economy, the propensity to consume is very low and therefore the multiplying effect of the maneuvers put in place by the government is currently zero.
The economic scenario is perfectly reflected in this phase in the technical framework of the Ftse Mib index.
Operationally we will have a good buy signal on the consolidated overcoming of 18.500 points, which could bring the index to close the gap in the 20.500 area.
In the event that this climate of uncertainty persists, the most probable scenario for the Ftse Mib remains that of a return to the area of 16,600 / 16,500 points.
What we have experienced in recent months has certainly been a market for strong hearts and the best operational strategy since the beginning of the year has been not to change assets, perhaps moving on emerging bonds, but to close positions and then have the courage to invest near minimum.
These are movements that occur every 10 years and therefore you must have the courage to position yourself with a medium-term perspective.
In Piazza Affari there is still room to climb, with the Ftse Mib projected towards the targets indicated above.
Like other banks, Unicredit and Intesa Sanpaolo also try to stay afloat today. What can you tell us about these two titles?
The two banks in question have certainly recovered in terms of momentum, like the other players in the banking sector.
The operational strategies tended to be different for the two titles: for Unicredit there was a push to 6 euro which then translated into a high pivot of 6.77 euro last week.
Those who entered this breakout are enjoying a good bullish movement which tends to project Unicredit prices in the area between 8.5 and 9 euros.
It is important that the security remains above € 7 first and then does not give up the area of € 6.5.
On these conditions Unicredit will certainly be interesting to evaluate, with potential bullish accelerations.
The assumption is that a periodic violation of the maximums will occur and also for Unicredit, as for the index, it will be particularly significant next week.
In the case of Intesa Sanpaolo there had been a large band of laterality between 1.3 and 1.5 euros and the violation of the latter threshold two days ago changed the neutral scenario.
For the title, the possibility of a return was first opened towards 1.7 euros and then towards 1.85 euros, ie the minimum gap left open in the descending phase.
The trend for Intesa Sanpaolo seems neutral-positive and the momentum has recovered by moving close to 0, so it is not particularly explosive, but the violation of 1.5 euros has changed the scenario.
Operationally, the new exceedances of the maximum relative to 1.59 euro would open up new opportunities in the short term for Intesa Sanpaolo.
ENI and Saipem are in check today due to the oil retracement. Are these drops a buying opportunity for the two titles?
ENI certainly has a very strong intrinsic value, linked to the fact of being one of the main world operators, as well as being a strategic asset for the Italian State.
From a technical point of view, over time the yield of 8 euros has always been particularly difficult to manage even for the bears.
In this phase, the title is within a triangular configuration that sees the minimum area near the 8 euros.
The approach of the share at 8 / 7.9 euros in my opinion represents a purchase opportunity, also because the stop would be close to 7.75 euros, with the possibility of having a risk-return ratio of 3-4 times.
Even from a short-term trading perspective, ENI is interesting, but it is very evident that in the last week it has expressed relative weakness compared to the Ftse Mib.
At the moment this does not seem to imply an explosive upward force, also because the management of ENI is repositioning itself internationally and this leads to a lateral phase in the short term.
There are two possibilities to intervene on the title: approaching 8 euros and exceeding 8.6 euros.
Saipem has diversified with respect to the price of oil, but technically it is unable to express indications of strength in the short term.
Also in this case we see a triangular figure which, however, assumes greater bearish characteristics and for Saipem a possible contrarian purchase would be positioned at 2.1 euros, with a stop to the collapse of the 2 euros.
Saipem is certainly more risky than ENI and I think that the best strategy can be that of inputs on strength.
At the moment the share price in the area 2.2 euros and it will be possible to intervene to exceed 2.4 euros, with projections at 2.8 euros.
Today Enel goes against the trend and experiences the tenth consecutive session on the rise. Are there still upside margins?
Certainly Enel still has room for growth and looking at its technical conformation, the hope is that both the Ftse Mib and the relative titles assume this graphic configuration.
Enel still has room for growth towards the 7.8 / 8 euro area and any reversal that should bring the quotations back to 6.6 euro would be understood as a buy opportunity.
A rise above the 7 euros should be interpreted as an additional signal of strength, difficult to manage in terms of risk-return because we would have the stop at the breakdown of the 6.4 euros, but the possibility of a return towards the 6.8 / 7 euros would certainly be many.