Exchange euro Dollar
After the ECB cut interest rates, the exchange rate has moved around 1.07 in recent days. Since the beginning of the year, it has marked a low at 1.0601 and a high at 1.1054. The Alligator Indicator on the daily and weekly time frames is set bearish/sideways with bearish divergences on our short and medium to long term oscillators. Holding the 1.0916 area (high of 4 June) downwards in the next few days could lead prices towards 1.0601 (low of 16 April) and then subsequently towards 1.0448 (low of 3 October 2023). To date, based on our calculations, the probability that we can move towards parity is high.
The study of stock graphs on Piazza Affari with the help of our algorithms
Saipem
The news
ENI has started the sale of approximately 10% of Saipem’s capital through an accelerated bookbuilding procedure. The shares on sale are not subject to the shareholders’ agreement between Eni and Cdp Equity. The company owns 31.19% of Saipem’s ordinary shares, of which approximately 18.69% are freely transferable.
Very latest
The placement has already taken place with an accelerated order collection procedure at a price of 1.970 euros per share.
The placement is aimed at institutional investors and will be managed by a consortium of banks including Citigroup, Goldman Sachs International, Intesa Sanpaolo, Natixis and UniCredit as Joint Global Coordinators and Joint Bookrunners. ENI has undertaken not to sell other Saipem shares on the market for 180 days without the consent of the Joint Bookrunners, except for exceptions provided for by market practices.
The shares have moved in the 2.06 euro area in recent days. The Alligator Indicator on the daily and weekly time frames is set bearish/sideways. The holding of the 2.188 area in the next few days (high of 6 June) could lead prices towards 2.011 (low of 25 March) and then subsequently towards 1.8207, the 200-day moving average.
The average recommendations of analysts as reported by specialized magazines are as follows:
Buy with target at 2.74 euros.
Is a market correction about to begin?
The trading session on June 12th closed at the following prices:
Dax Future
18,635
Eurostoxx Futures
5,036
Ftse Mib Future
34,360
S&P500
5,421.03.
What could trigger the start of a decline of a few percentage points? Weekly closings less than:
Dax Future
18,400
Eurostoxx Futures
4,946
Ftse Mib Future
34,200
S&P500
5,234.
Today, no hypothesis can still be ruled out: both upwards and downwards. However, we are convinced that the issues are about to come home to roost. We would not be surprised if we saw prices rise to new highs by June also for European markets.
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