Below we report the interview on the Ftse Mib index and on some of the blue chips listed on Piazza Affari, with questions addressed to Roberto Scudeletti, independent trader and owner of the prtrading site.
The Ftse Mib began to lose ground again, heading again towards the recent lows of the period. What are the possible developments in the short term?
On Piazza Affari, the Ftse Mib continues its lateral movement between closing the gap down and weekly support of the 12-period average, closing right near this last important level.
Ftse Mib: expectations for the week
In the short term, therefore, below 33,615 points, an attack on the minimums of the lateral above at 33,423-33,310 points is probable, with room for the 33,100-32,966 points area and above all around 32,700 points.
The collapse of this level would cause a wave of sales towards 32,500 points and the 100 daily average at 32,290 points, where there should be a prompt recovery in prices, under penalty of further declines towards the fundamental support of the 24-week average at around 31,986 points .
Conversely, only above the bearish crossing of the 12 and 24 period averages at 33,980 points will we be able to witness an increase towards the closing of the gap and the upper part of the lateral movement, in the area of 34,282-34,584 points.
Only beyond this last level will we see a second attack of the maximum at 34,908 points, above which a new bullish leg would start, with room towards the monthly minimums of July and May 2006 between 35,084-35,206 points and the closing of December 2005 at 35,700 points about, just to start.
The view on ENI and Saipem
Given the decline in oil prices, what strategies can you suggest for two oil issues such as ENI and Saipem?
After a relative minimum, ENI reversed upwards with a subsequent correction and a good recovery, a clear succession of maximums in the static resistance area not exceeded and a present corrective phase, with even a gap down, a symptom of at least short-term weakness.
In fact, following the rising lows between 12.45-12.65 euros in mid-2023, it flew, with a first decreasing double maximum at 15.83-15.80 euros, a descent towards 14 euros and a third top at 15.816 euros, correction on the 24-day daily average at 14.90-14.985 euros, yet another maximum at 15.76 euros and current decline towards around 14.70 euros.
Only above 15.26 euros is a return of the rise possible for ENI, with supports at 14.59-14.34 euros and resistances at 16.44-17.04 euros.
Saipem, after the sensational collapse of 99% for a so-called “large” share of the Mib 30 index and the formation of a “centesimal” minimum in September 2022 for the most courageous, has quadrupled its prices, with a recent vertical rise and in the present is making a corrective move towards daily support.
In concrete terms, after the loss of the 1 euro quota, we witnessed a bloodbath up to the September 2022 minimum of 0.57 euros, with a wide fluctuation between approximately 1.65 and 1.25 euros, a recent break in the deadlock, with gap up, vertical rise to 2.471 euros and current descent just above the 50 daily average to 2.14-2.17 euros.
A new rise will be expressed by Saipem when 2.26 euros are exceeded, with supports at 2.1880 and 2.1680 euros and resistances at 2.3280 and 2.3980 euros.
Focus on Brunello Cucinelli and Interpump
Brunello Cucinelli and Interpump were the two best stocks on the Ftse Mib last Friday. What can you tell us about these two blue chips?
In about seven years, Brunello Cucinelli had increased its value more than sixfold, to the happiness of its shareholders, now finding itself, after a historical vertical high, in a bearish lateral trend, with rebounds supported and rejected by two important daily levels.
In fact, after the definitive bullish break of 20 euros in 2017, it was all about rising and correcting with ever-increasing minimums and maximums, up to the recent all-time top of 122.9 euros, with the current correction between the average at 100 and the 24 daily in the area approximately 96.90-98.50 euros.
The resumption of the bullish trend will take place above 99.50 euros, with supports at 94.75 and 92.45 euros and resistances at 106.45 and 111.75 euros.
After the relative maximum of May 2023, Interpump embarked on a very clear bearish trend as per the technical analysis textbook, with decreasing minimums and maximums, up to the minimum of last October, with a rebound rejected by the bearish trendline and a current phase of uncertainty on a second rising minimum.
In fact, on the top of last May 2023 at 56.40 euros, we witnessed the recent drop to just above 38.50 euros, with a recovery hindered by the 48 euros and the current sales phase, with an attempt to form a base around 40-41 .90 euros.
Bullish scenarios are to be considered for Interpump only above 42.35 euros, with supports at 40.43-39.50 and resistances at 45.16-47.32 euros.
Which titles are you following most closely at this stage? Which ones do you recommend looking at now?
Monitor carefully: DIASORIN, INWIT, SNAM, TELECOM ITALIA on the upside and LEONARDO, PRYSMIAN, RECORDATI and UNICREDIT on the downside.
