The very long "plate" of the index
The Ftse Mib index has risen from five consecutive weeks on the rise and in the last 7 sessions has marked a rally of almost + 3.5%. From the beginning of the year the balance is + 28%. "Looking at the weekly chart it is evident that the index is returning to the upper edge of the huge 12,500 – 25,000 rectangle that has been caging prices for over 11 years – he remarked Pietro Di Lorenzo, analyst and founder of SOS Trader -. Considering that our index is a distribution and therefore have been distributed on average 500/600 points per year through dividends, the fact remains the Italian market is in a very long "plateau", interrupted which could witness a new market cycle ". We consider a consolidation on these levels necessary before the decisive attacks on key resistance. This is why a transfer seems imminent ".
Also the FinanzaOnline study office underlines how graphically the Ftse Mib index maintains a positive approach even if in the short term probable a corrective phase that cleans the market of phases of excess bullish. As always, however, a price signal will be needed to confirm the start of a retracement phase. Twenty-three thousand points could be the level that if broken could lead to further volatility on the mkt, with a more interesting target at 22,300 points. In the event of a break, support at 21,795 points. On the upside, instead, a closing above 23,500 points would lead to further rises towards 24,000 points where an important resistance resides.
Strip of 7 consecutive rises stops
Today, Piazza Affari has interrupted the 7-session consecutive row in increase that had pushed the list up to the new highs to a year and a half. The Ftse Mib marks a drop of 0.19% at the end with 23,489 points. Among the titles to rise, however, stands out once again Azimut (+ 1.9%) jumped to the new multi-year highs. Between the banks I click ahead of Bper (+ 1.65%) which updates the annual maximums again.
Sales on the Telecom Italia stock (-1.45%). The title of the largest Italian telecommunications company was back from the positive reaction of the market to the numbers of the third quarter accompanied by the agreement with Google on the Cloud. The fears of a possible slowdown on the front of the single network with Open Fiber are fueling sales on the stock today. According to reports from La Stampa, the US funds express reservations about the operation that would be "characterized by problems that make it complicated, starting from the possible pitfall related to antitrust. If Tim buys Open Fiber, they point out the sources reported by the Turin newspaper, the risk is that it will assume a dominant position. In addition, we must find the square on the price at which Tim will evaluate Open Fiber. They range from € 3 billion indicated by Tim to € 8 billion of the study prepared on behalf of Enel by Mediobanca.
Outside the Ftse Mib, Salini closes down (+ 5.23%) thanks to news from Australia. The construction group is among the companies selected for the construction of the Sydney Gateway project, worth between 2.2 and 2.6 billion Australian dollars (1.5 billion euros), to improve road connections from the airport and Port Botany to the new Sydney motorway junction at St Peters Interchange. New seat in deep red instead for Fincantieri, which has lost more than 4%. From the accounts to September 30th it emerged that the shipbuilding division was penalized by VARD which reported higher costs to recover delays in ship delivery and a negative revision of the estimates of margins of some orders in progress. "The VARD cruise reorganization process and the uncertainties related to the offshore business substantially reduce the visibility on our 2019-20 estimates," say Equita analysts who confirm the hold judgment although in a challenging context characterized by low visibility and uncertainties arising from both the VARD and offshore cruise business.
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