Enel’s was not an exciting first glimpse of the year, as well as that of the utility sector in general, penalized by the rise in government bond yields. The title, which is the one with the greatest weight of the whole Ftse Mib, has however recovered well in recent weeks with the side of good results arrived from the quarterly accounts.
In this article we technically analyze Enel and two other stocks, Poste and Unicredit, which instead performed well in the first three months of the year.
Enel: graphic picture improving, but key resistance at 8.5 euros
Improved graphic framework for Enel after the strong correction that caused the stock to lose more than 15% from the highs of January 2021 to 9.047 euros. From the lows of the period marked at the beginning of March, the stock has embarked on an upward phase well described by the short-term uptrend line built on the lows of March 3 and 19. Movement that allowed Enel to break the bearish trend line started on the aforementioned highs. First positive indication. Now for Enel the static resistance test is about to be tested at € 8.546. On the break of this level, Enel would target € 8.777 and then € 9. On the contrary, a signal of weakness would arrive at the break of 8.24 euros and the upward trend, with a target area of 8 euros, where the average 200 periods also passes.
Poste Italiane: bullish approach, try closing the gap down
The Poste Italiane stock is among those that have benefited most from theDragons effect and which have achieved an important momentum. The graphic framework is from a certain point of view very similar to that of the Ftse Mib. Well set up and struggling with a rather tough resistance. In the case of Poste Italiane, this is the lower part of the gap down realized in February 2020, in the area of € 10.8. It is therefore possible to take profits especially with a return of around 10.5 euros. In any case, nothing alarming and only the break in strength of the 10 euro area would give an important signal of change in sentiment. RSI appears to be overbought and could mark a divergence indicating the start of profit taking. In any case, for those who have bought at lower levels for now we do not see reasons for leaving, for those who want to enter, they could on a possible test of 10.5 euros.
UniCredit: title lagging behind, graphic framework still in progress
UniCredit stock lagged behind the rest of the Italian banking sector which instead benefited from the Draghi effect, the sector consolidation process and the rise in interest rates.
The UniCredit stock has a strong resistance in the price range between the 38.2% Fibonacci retracement of the entire down trend started in February at 9.2277 euros and the static resistance at 9.7 euros. No particularly relevant information either from the RSI or from the volumes. On the contrary, the break of 8.26 euros, of the uptrend (built on the lows of October 2020 and January 2021) and of the 200 period moving average would give a negative signal with targets at 7.5 and 7 euros.