Home » Piazza Affari, still elevations in view of the Ferragosto bridge. Insights from technical analysis, rebound of 12% from the lows of mid-July

Piazza Affari, still elevations in view of the Ferragosto bridge. Insights from technical analysis, rebound of 12% from the lows of mid-July

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Piazza Affari, still elevations in view of the Ferragosto bridge.  Insights from technical analysis, rebound of 12% from the lows of mid-July

Piazza Affari moves into positive territory in the last session of the week, before the August bank holiday. In a pre-festive atmosphere, the Ftse Mib it advanced by 0.35% to 22,939.66 points (exceeded 23 thousand points in the morning), in the company of the other European stock exchanges. Investors keep their eyes on the future moves of central banks, in particular of the Federal Reserve (Fed) after the recent signs of easing of inflationary pressures following the publication of the July inflation data and the producer price index. While waiting, the comments of some members of the Fed take the stage, including that of Mary Daly, president of the Federal Reserve Bank of San Francisco and a voting member of the FOMC, who said she was leaning towards a 50 basis point rate hike in September. , given the data-dependent approach of the US central institution, although the “victory” over inflation is still quite far away.

Nexi, the story of the day

Among the stories of the day on the Ftse Mib there is I connected that after the sprint that brought it to touch a daily high of € 9.528, the stock now rises by almost 5% to € 9.302. Indiscretions reported by Reuters on an interest from private equity, which would aim to acquire and delist the company, led Italian PayTech to the upside. In recent months, Nexi has received several ‘unsolicited’ offers from potential buyers, including private equity Silver Lake. But contacts with the CEO Paolo Bertoluzzo would have stopped at the end of March due to the distance between the parties in terms of price. On the Ftse Mib also Telecom Italia, the best in the list with a growth of almost 6%, and Banco Bpm which recorded an increase of almost 3 percent.

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Positive sign also peExor (+ 0.48%) which is preparing to say goodbye to Piazza Affari. The group led by John Elkann has filed with Borsa Italiana the request to delist its ordinary shares from Euronext Milan. “During the delisting process, which will last no less than 45 calendar days from the submission of the delisting request, the Exor ordinary shares will continue to be listed on Euronext Milan and will also be listed on Euronext Amsterdam”, reads a press release of the holding company of the Agnelli family.

As announced on 3 August, the admission to listing and trading of the company’s ordinary shares on Euronext Amsterdam was approved. Today Exor ordinary shares have been admitted to listing and trading on Euronext Amsterdam, under the symbol “ESO”. In the rear, Prysmian, which drops 1.8%, while Amplifon and Moncler are also weak, falling by around 1.5%.

The technical point on the Ftse Mib

Graphical picture under improvement for the Ftse Mib index. The benchmark index of the Milan Stock Exchange in the last 3 weeks of trading has made progress of more than 8.5%, thus rebounding by 12% from the lows for the period marked on 14 July at 20,420 points. Prices are now close to 23,000 points, a level that represents the main static resistance for the index which targets 23,500 points before aiming for a return to the 24,000 point watershed level. On the contrary, in the event of a reversal of prices, the supportive area at 22,400-22,500 points will be able to effectively support the prices in the event of weakness. Looking at the indicators we see how the main direction indicators such as the Parabolic Sar are in the Long position, while the more responsive Rsi momentum oscillator is moving towards the overbought area. Despite the recent rebound, the medium to long-term trend still remains bearish (-17.3% year to date), with the price position below the 200-period MA and below the bearish trendline built since the beginning. year.

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