Ftse Mib Future: what will the month of June be like? The indications of the closure of May

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The closing of May 29th of the Ftse Mib Future (quotations) is paid for both weekly and monthly. It therefore has a double significance whose impact will be assessed in the next sections.

Ftse Mib: indications of the graphic and forecast analysis on the daily time frame

A bullish projection is underway that has already reached its 1st price target in the 18,240 area. The closure of May 29, however, was below this level, so Monday’s session will be of fundamental importance. Failure to break this level could favor a drop in prices at least up to 17,550. Only a daily break below 17.105 would reverse the short-term trend.

A break in the resistance, on the other hand, would accelerate upwards towards the 2nd price target in the 20,100 area. The maximum extension of the rise is in area 21.940.

Ftse Mib

Ftse Mib Future: bullish projection in progress on the daily time frame. The blue line represents the running bisector levels; the red line the levels of The New Law of Vibration.

Ftse Mib Future: indications of the graphical and forecast analysis on the weekly time frame

On the weekly time frame, the current trend is bullish, also supported by a BottomHunter signal. After several attempts, resistance in the 17,305 area, in fact, gave way to upward pressure. At this point there are all the conditions for achieving the 1st price target in the 19,500 area. For the next few weeks, therefore, the confirmation of weekly closings in excess of 17,305 and confirmed in subsequent ones is to be monitored carefully. Only in this way would we have some more support to the scenario that sees the reaching of area 19.500.

It should be noted that a monthly weekly closing at 19.500 would cause quotations to take off towards the second price target in the 25.300 area. The maximum extension, however, is in the 31,000 area.

Ftse Mib

Ftse Mib Future: bullish projection in progress on the weekly time frame. The blue line represents the running bisector levels; the red line the levels of The New Law of Vibration. The lower panel shows the BottomHunter signal which when equal to 1 indicates that the minimum, on the considered time frame, has been marked.

Ftse Mib: indications of the graphic and forecast analysis on the monthly time frame

The May closing was above 16,910, so prices should now accelerate towards the 19,180 area. However, only monthly closings above 19.180 would definitively abandon the bearish scenario.

In this case, the new bullish projection would trigger prices towards the 22400 area. Then, the next targets are in the 31,000 and 39,500 areas.

By comparing these levels with the weekly levels, it can be seen that there are two very important price areas: 19.500 and 31.000. The break of the first one in the weekly / monthly closure, in fact, would open the doors to a continuation of the rise up to the 25,000 area. Area 31,000 is also of fundamental importance for further bullish developments. On the one hand, in fact, it represents the maximum extension of the rise in progress on the weekly time frame, on the other it represents the last obstacle before reaching the 39,500 area on the monthly time frame.

Ftse mib

Ftse Mib Future: bearish projection in progress on the monthly time frame. The blue line represents the running bisector levels; the red line the levels of The New Law of Vibration.

Conclusion

The ongoing difficulty on the daily time frame in passing area 18.240 should not be frightening. Descents to area 17,750 are also possible.

To continue the increase in the medium / long term, monitor the weekly closing of area 17,305 next week.

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