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Friday 14 June was a decidedly negative day on the Italian stock market which suffered a sharp sell-off and fell towards an important support zone.
The Ftse Mib future (expires June 2024) has in fact suffered a violent decline and has fallen below 32,500 points. The technical situation has therefore worsened, with several indicators that record a marked strengthening of bearish pressure (Macd, Parabolic Sar and Vortex are in short positions). The very short-term strong oversold can prevent a further collapse and trigger a technical reaction but before being able to start a rise of a certain consistency, an adequate re-accumulation phase will be necessary. A rebound will still face a tough obstacle in the 34,250-34,400 point area.
A further decline could push prices to 32,370 first, then to the 32,270-32,250 area and towards 32,150 points later.
Intraday operating strategy for Friday 14 June (future June 2024). Short only on rebound towards 33,200 points with targets at 33,100 first, then at 33,020 and in the 32,920-33,900 area at a later time. Stop at 33,260. (All rights reserved)
Gianluca Defendi
