Below is the interview with Gerardo Murano, an independent financial advisor, to whom we asked some questions on the Ftse Mib index and on various blue chips.
The Ftse Mib is not managing to return above 20,000 for now. What are the possible scenarios in the short term?
Compared to the values of the first days of August, the Ftse Mib is substantially stable, in the sense that it travels more or less on the same levels.
What we have seen in the last two weeks has been only an increase in volatility with an attempt to extend that for the moment has not been successful near the area of 21,000 points.
Thus a reversal has started which at this point sees a first level of support that is quite important in the 19,200 area.
The collapse of this threshold and of area 19,000 could provide a negative indication in the short term for the Ftse Mib.
The volatility I mentioned earlier also determines a worsening of the algorithmic framework, so the oscillators go into negative territory.
At this stage, we note that the momentum of both the Ftse Mib and the main European indices is slightly negative, but no downward accelerations are recorded.
For now, therefore, we have area 19,400 as a level of dynamic support represented by the trendline that connects the last two lows.
The break of 19,400 points, a phase of consolidation and a further push below 19,000 points would determine the end of the bullish movement recorded from the end of May onwards.
The positive opportunities for the Ftse Mib at this point are to be connected to the overcoming of the previous relative maximum, therefore of 20,485 / 20,500 points.
The breaking of this area would probably determine the formation of a new relative top in the area 21,300 / 21,400 with possible further extensions.
At the moment the scenario for the Ftse Mib is one of neutrality and probably the best operations in this phase are the contrarian ones.
The idea therefore is to wait for the index in the 19,500 / 19,400 area, place a stop lower than 200-300 points and wait for a possible extension towards 21,000 points.
At the moment the bullish scenario for the Ftse Mib is not denied, but it is clear the speed has certainly decreased and therefore also new relative highs would certainly be slower.
In a very short time, exceeding 20,000 points would provide a first buy signal for those who operate intraday or with a time horizon of a few days.
Intesa Sanpaolo seems to show more relative strength than Unicredit. What can you tell us about these two titles?
Intesa Sanpaolo is showing more relative strength both with respect to Unicredit and most of the securities of the Ftse Mib.
For the banking sector in general, there is the weight of expectations that are certainly not happy for 2021 in economic terms.
Intesa Sanpaolo is in a bullish channel and it is important that the 1.75 euro share, the lower side of the aforementioned channel, is held, with a possible rise towards the 2 euro area in a one-month time horizon.
Intesa Sanpaolo is currently one of the most interesting securities in the banking sector which in itself is not facilitated at the moment in terms of investment decisions.
For Intesa Sanpaolo there are now two opportunities from an operational point of view: buy on the estate in the 1.75 euro area or if it exceeds 1.9 euro.
In the case of Unicredit, the prices substantially flattened out within a range of between 7.5 and 9.5 euros.
The trend is certainly neutral and in recent days it has also worsened in quantitative terms, therefore in terms of algorithms.
A return of Unicredit towards the 7.5 euro area would not be excluded and if this were to happen it would undoubtedly be a medium-term buy opportunity.
In the short term, exceeding € 8.5 would provide an interesting opportunity with a projection of € 9.5.
How do you evaluate the current structure of STM and Telecom Italia and what strategies can you suggest for both?
In the case of STM we are dealing with a stock that belongs to a sector in which everyone would like to operate, especially in this phase.
However, the stock has not been shining in recent weeks and in these days we have also seen an attempt to breach the uptrendline which was promptly recovered.
STM is in a phase of indecision, with slightly negative algorithmic indicators, which is why it is better to wait for a new buy signal that would arrive with the exceeding of 25.9 euros, with projections at 28 euros.
Given the fragility of the moment, what we are witnessing are profit-taking, because STM is very solid in fundamental terms.
It must be said, however, that the collapse of 23.5 euros would provide further indications of profit taking on the stock, advising those who have made an interesting gain to lighten their positions on STM.
In the case of Telecom Italia, the tired phase continues, with the stock placed in a lateral band between € 0.33 and € 0.4, without providing any points of interest.
Within a rectangular figure, the best operations are those in the buy area, so in the event of further reversals, Telecom Italia can be purchased with stops below € 0.31 and projections in the € 0.4 area.
There is still a lack of positive news on the company’s business and on the maneuvers in place also by the government to understand what the future of Telecom Italia will be.
For now, therefore, investors remain neutral on values that are certainly attractive should the company present an interesting business plan.
Enel remains below € 8 after being rejected by all-time highs. Is it the end of the upside or are positive developments still possible?
Enel has redesigned a new important high from the lows of mid-May.
The stock moves in a rather technical way and accurately respects the Fibonacci projections.
The most likely scenario at this stage is the continuation of a lateral movement for Enel.
Representing one of the jewels of the family, it is a title to definitely keep in the portfolio, but at the moment it is difficult to see important bullish ideas compared to those that are the fundamentals of the title.
At the same time, it is not worth taking Enel out of the portfolio, both because it offers interesting dividends and because it belongs to a sector, such as that of utilities, which is one of the best in which to invest now.
For Enel, I expect a continuation within a side band that can go between 7.5 and 8.4 euros.
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