Below is the interview with Alessandro Cocco, a Tag Group trader, to whom we asked some questions on the Ftse Mib index and on various blue chips.
The Ftse Mib continues to retreat without finding ideas at the moment to get back on top. What to expect for the next sessions?
The Ftse Mib today in intraday also violated yesterday’s lows in the 19,650 area and is not finding support in the positive trend of Wall Street.
This only confirms the current negative trend, with the real risk of further falls in the short term.
At least for the moment I would abandon the view of a possible rebound of the index towards the resistances that have been violated.
On the downside, the targets at this point are also quite “interesting” in a short perspective, given that as a first step the Ftse Mib will aim at the area of 18,300 and 18,000, and then slide down to 17,600 / 17,500 points.
To assess a reliable recovery of the market it will be necessary to wait for the reconquest of the 19,200 / 19,300 area, with the first target area of 20,000.
If this level is exceeded, it will be possible to have an extension towards 21,000 / 21,100 points, but at the moment I consider a scenario of this type unlikely, betting rather on a continuation of the decline in the short term.
Banco BPM today put the best performance among the blue chips, while Bper Banca was the worst stock. What can you tell us about these two bankers?
Banco BPM today put pressure on yesterday’s highs in the 1.39 euro area and shows good volatility with interesting trading volumes.
In my opinion, the stock could rise again towards the highs of September 10th in the 1.53 area, above which it will look at € 1.5625, the top of July 21st.
Under the minimums for the period of € 1.239 for Banco BPM there will be a further settlement versus € 1.145 first and € 1.125 thereafter.
Bper Banca continues to show strong negativity, with a long-term downtrend, confirmed by the break of the 2 euro quota.
Now the next target is on the lows of May 22 at € 1.804, a threshold that will be reached in the event of a yield of yesterday’s bottom at € 1.922.
On the upside, Bper Banca will have to violate the 2.11 euros if it wants to attempt a recovery that will have as its objective the 2.4 euros, broken which the attention will shift to 2.73 euros, the achievement of which however appears very far and for nothing credible at the moment.
FCA is approaching 10 euros again. Is this discount a buying opportunity?
FCA has not returned to the support trendline that delineates the upward trend that appears well structured.
The stock overall is rising at a fairly interesting angle, creating some interesting trading opportunities along the way as the upside is interspersed with retracements.
FCA could offer a buying opportunity now, signaling that at 9.942 euros we find good support, level breached on the upside on September 15th.
By tracing a trendline that unites the highs of 15 and 24 September, a triangle is obtained: if FCA manages to violate the 10.66 euros it will be able to return towards the top of 15 September at 11.22 euros, beyond which there could be room for growth up to 12 euros.
On the downside, the support is at 9.95 / 9.94 uro, after which FCA can go down to the 9.5 euro area.
Enel today lost share, while Snam went up against the trend. What is your view on these two titles?
Enel shows a nice downward trend which, however, does not prove dangerous, in the sense that the stock falls but without particular tears.
I do not see anything worrying in the movement underway, however signaling the lows at 7.22 euros, the break of which will push the prices towards 7 euros first and 6.6 euros later.
To return to having a bullish view on Enel it will be necessary to wait for the recapture of 7.6 euros, beyond which there will be room for growth up to 8.2 and 8.4 euros.
Snam is in a bearish channel that has lasted since early August and is now on the top of it.
If the stock manages to break up the 4.5 euros, it will confirm a bullish view with a target of 4.78 euros.
On the contrary, below today’s lows of 4.36 euro it will be possible for Snam to return to the 4.2 euro area.
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