MIB shows signs of a downtrend (again). Around 17300 we expect a rezistance with higher volatility due to BREXIT.
INDEX:MIB [/symbol
MIB is mainly driven by low-quality titles from the bank sector.
We expect reaction to the downside with quite interesting RRR of almost 3.
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If it was confirmed the break of support at 17.430 would open its doors to around 16,000 points, finding a first target in 16.799 area, like first target and then 15.920.
The italian economic growth prospects are not favorable. The total public debt continues to increase and tensions within the euro0.04% zone could be harbingers of negative cues in the markets....
The FTSE-Mib index is next to test the dynamic resistance, passing though the resistance that are currently in 18350 and 18530 area. In my opinion, the index could groped a new attack towards 19000 area (only if passing the 18.530 area), which if exceeded this time could encourage a further blow to the kidneys to the important static resistance area at 19350....
The Italian index is composed for the most part by banks; the whole industry is in the spotlight because of the shaky situation. The fund Atlas ( Fondo Atlante) does not seem to be enough to stanch a situation that seems to be far more serious than previously indicated. Finally we want to emphasize that Italy's public debt continued to rise despite the negative...
MAIN: SELL @18.000 TARGET: 15.850/14.650 STOP: 18.250
(test of support @17.500 with limited reaction upside then violation of the support downwards)
ALTERNATIVE: BUY @17.500 TARGET: 19.200/20.100
(support @17.500 holds and triangle formation continues upwards)
primary trend bullish support area 18250 and 23790 resistance area in the medium term support of 20500 has held up very well to the bottom and in the last two weeks we are witnessing a clear direction currently bullish closing price volatility there last 2 weeks that too low not by a clear direction
7 year Range bound. Could face some resistance at this level. Within 2012 Channel.
Clearing the 23000 level opens the door for further upside, and potentially beyond.
We have here a retest of the resistance zone while showing a very bearish combination of candles.
I expect to see some downside in the next days, probably testing the 16600 zone which was a previous rotation area. It could develop in an ABC format.
We didn't see the retest of the mid point at 17600, but the tape continue to show selling strength.
