The Milan Stock Exchange scores the fourth consecutive negative session. Prices also breached a key price level, albeit slightly. The Milan Stock Exchange has reached a crucial point: either to go up with decision, or to continue to go down. This is why Piazza Affari is getting closer and closer to a turning point.
Another session in decline waiting for the government to prove the facts
On the Milan Stock Exchange today came the fourth session in decline. On the Italian list, profit-taking continues after the sharp rise triggered by the appointment of Draghi as head of the government.
After the large majority obtained yesterday in the Senate, today it will be repeated in the House. The feeling is that after last week’s purchases, the markets are waiting for the government to test the facts. We begin to sense that a change is coming, but it is still not clear in which direction. This is why Piazza Affari is getting closer and closer to a turning point.
There are no encouraging signs from the stock market
At the end of the session, the Ftse Mib (INDEX:FTSEMIB), closed down 1.1%, ending at 22,921 points. Closing below the 23,000 point mark is not an encouraging sign.
The support of 23,000 points has a technical and psychological value. If tomorrow prices recover and at the end they go back above, today’s price will have been a hiccup. If, on the other hand, prices were to fall again tomorrow, then it would be a sign of weakness for the Italian stock exchange.
Also in Europe it was not a great day, just as the start of the US stock exchange was not brilliant. Weekly unemployment benefit claims data were higher than expected. The figure unnerved traders who pushed all three indices down, especially the Nasdaq, at the start of the session.
The Covid 19 emergency continues to penalize European stock exchanges
In this precise time phase, the trend of the US stock market returned to the center of attention. For many operators, the American markets need a reversal to then start up stronger. But they don’t see a downturn on Wall Street.
This scenario pushes investors to stay focused on the American equity markets, neglecting the European stock exchanges. At this moment, only a brightening on the Covid 19 emergency front could restart purchases on the markets of the Old Continent.
Deepening
This multidays analysis and analysis of international markets by the ProiezionidiBorsa Research Department
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