Chronicle of a decline announced but on Monday it will start again on the upside: the key levels on the Ftse Mib Future will tell us whether the drop we have witnessed during the last week will be confirmed or not.
Last week we wrote
The week of declines has not yet put aside the bullish scenario: however, attention to the supports. In this way we can summarize what happened during the week that just ended. Nothing, therefore, still worrying, but, especially in the short term, things could quickly get worse.
As anticipated, the week has been all down, but now the knots are about to come to a head
Chronicle of a decline announced but on Monday it will start up again: the key levels on the Ftse Mib Future
Daily time frame
On the daily, the Ftse Mib Future (quotations) closed on the 1st price target in the 19,000 area which represents excellent support for quotes. In addition, by observing the graph we can see how a double minimum could be created in the 19,000 area with important immediate bullish targets in the 22,000 area.
On the downside, however, the objectives are nightmarish. If, in fact, it should continue to drop (daily closing below 19,000) the next target is in the area of 16,900 and then in the area of 14,800.
Ftse Mib Future: bearish projection in progress on the daily time frame (dotted line). The blue line represents the running bisector levels; the red line the levels of The New Law of Vibration.
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Medium / long term scenarios on the Ftse Mib Future
If the very important support in the area 19.375 was broken at the end of the week, in the monthly the crucial support in the area 19.010 held up.
So what could happen next week. On the push also of the daily closings on the weekly one could immediately recover the just broken support and start upwards. Otherwise, instead, we should go to calculate the bearish targets.
On the monthly, however, support has held up and the current trend is bullish.
For next week, therefore, monitor that there are no daily closings confirmed below 19,000 and that at the end of Friday support will be recovered in the 19,010 area.
Ftse Mib Future: bullish projection in progress on the weekly time frame. The blue line represents the running bisector levels; the red line the levels of The New Law of Vibration. The lower panel shows the BottomHunter signal which when equal to 1 indicates that the minimum, on the considered time frame, has been marked.
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Ftse Mib Future: bullish projection in progress on the monthly time frame. The blue line represents the running bisector levels; the red line the levels of The New Law of Vibration. The lower panel shows the BottomHunter signal which when equal to 1 indicates that the minimum, on the considered time frame, has been marked.
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