Growing appetite for Italian shares
- Since November 2023, the FTSE-MIB has been registering higher highs and lows. The medium-term trend is therefore bullish.
- More recently, prices have consolidated in a tight trading range for several weeks. This accumulation phenomenon ended yesterday as the market finally extricated itself from its lateral channel while the two exponential moving averages at 21 and 34 periods continue to play the role of dynamic support.
- The recent bullish breakout of the range is seen as a bullish signal. Indeed, it tells that investors are now ready to take the market to new heights after a break of a few weeks. The first objective is obtained by reporting the width of the chart pattern at the time of the breakout, which also corresponds with the 38.2% Fibonacci projection at 31,467 points.
Other targets can also be found on the different ratios at 31,921 (50%), and 32,375pts (61.8%)
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
- More recently, prices have consolidated in a tight trading range for several weeks. This accumulation phenomenon ended yesterday as the market finally extricated itself from its lateral channel while the two exponential moving averages at 21 and 34 periods continue to play the role of dynamic support.
- The recent bullish breakout of the range is seen as a bullish signal. Indeed, it tells that investors are now ready to take the market to new heights after a break of a few weeks. The first objective is obtained by reporting the width of the chart pattern at the time of the breakout, which also corresponds with the 38.2% Fibonacci projection at 31,467 points.
Other targets can also be found on the different ratios at 31,921 (50%), and 32,375pts (61.8%)
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
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