LeonardoZ

FTSE MIB congestion while banks are performing a M&A

FX:ITA40   FTSE MIB index of Italian listed shares
67 0 0
In these days we can see an high congestion between 19800 and 20000.
A break of the support at 19800 can extend the bearish pattern down to 19579 first, and 19361 after, according to pivot points and Fibonacci extensions.

On the other hand I suggest to wait till next week to open position because in this days two banks (Banco Popolare and UBI             Banca) are competing for the merger with BPM. If this goes well, the sentiment of the future "superbank" can stimolate the rise of the major italian index.
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