Ftse Mib rejected by a wall: now what? Eur / Usd on the launch pad

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Below is the interview with Antonello Marceddu, independent trader, to whom we asked some questions on the main stock indices, with particular attention paid to Piazza Affari.

The Ftse Mib pushed into the intraday towards the top in late April, only to go back. Do you expect a definite break of area 18.300 in the short term?

As is known, market pressures, whether upwards or downwards, must be supported by adequate trading volumes.

Yesterday in Piazza Affari was a not particularly emphatic day in times of amplitude of the movement, but the volumes were higher than those of the previous three days.

Even today the exchanges have been quite high and similar to yesterday as an entity, but we have a greater candle for the Ftse Mib.

This could be read as a positive sign, in the sense that if the movement were to lead to a consolidation above the highs of April 30 at 18,300 points, then the rise will likely continue.

In any case, I do not expect an important movement, indeed I would say that we could more likely witness a push of inertia.

In any case, it will be necessary to wait before the breaking of the highs at the end of April, but it could also be that this does not happen.

The 18,000 / 18,300 area could still act as resistance and therefore lead the Ftse Mib to flex towards the lows of the session of 22 May in the 16,800 area.

Personally, I do not expect it to go further, unless there are situations that can fuel a wider decline.

In the event of a drop below area 16,800 for the Ftse Mib, the retracement will risk becoming a real correction, but much will depend on the size of the trading volumes.

The euro-dollar broke 1.10 intraday, only to return slightly below this threshold. What indications can you give us for this cross?

The euro-dollar is confirmed in the lateral phase and at the moment the volumes are not so high as to bear a push.

If the cross really wants to exceed 1.10, and in my opinion he could also do it, he will have to do it with higher volumes than the current ones.

In the event of a violation of the 1.10 area, the euro-dollar will open spaces for growth up to 1.112 / 1.113, with a return, therefore, to the high of March 27th.

The prices are currently traveling close to the second upper Bollinger band and judging from what I see it seems that the bands are widening slightly and this is a signal that a continuation of the bullish movement is still possible.

Otherwise for the euro-dollar we will see a drop towards 1.087 before and in case of further weakness up to the lows of April in the 1.08 / 1.076 area.

Oil is retracing after the recent bullish thing. What can you tell us about this asset?

Oil is lending its side to some profit taking and does not exclude that it may drop further, going to lean on the area of ​​30 dollars a barrel.

It is not said that this will happen, given that the drop in the last few hours could stop even earlier.
The operators have been buying for several days, also driven by the hope that the end of the lockdown in the various countries of the world will reactivate demand.

If oil were to remain not far from the current values, it could resume its bullish march and go towards 40-41 dollars.

On this I would not put my hand on the fire and I would be more inclined to believe in a laterality phase.



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