Piazza Affari today celebrates a new record but there is nothing to celebrate

The last session of the week ends in negative. It was not difficult to predict, we had also written it in a previous article. Little consolation of an increasingly uncertain stock market unable to react to the slow decline that has been accompanying prices for some weeks.

Piazza Affari today celebrates a new record, but there is nothing to celebrate, because it is a negative record. We will come back to that later in the article. Meanwhile, it is necessary to know that once again it was the banks that crippled the Milan Stock Exchange. Let’s analyze the highlights of the day with the help of the analysis of the ProiezionidiBorsa Experts.

Piazza Affari today celebrates a new record but there is nothing to celebrate

The days of the maximum above the threshold of 21 thousand points are far away. It ran on July 31st. Prices had been on the rise for a series of days and in the last session of the week, they hit their highest since March 6th. It seems that the mythological August rally was at the starting line. Indeed, it was already considered in place.

Nothing more wrong. Two months later we are celebrating a new record, the lowest level of the Ftse Mib (INDEX:FTSEMIB), of the last 3 months. But the most negative aspect is that there is no reaction on the horizon.

Today the blue chip index closed down 1.1% at 18,698 points. In the morning, prices dropped to touch the support at 18,500 points, and then recovered to 18,750 points.

Piazza Affari today was ditched by these titles

But beyond the percentage value, the negativity of the session manifests itself in the highs and lows of the day, lower than the respective highs and lows of yesterday. And when a trend develops with maximum and minimum prices lower than the previous ones, the trend is bearish.

Once again the banks were the protagonists of the session, positively and negatively. Unicredit still sold over 2%, Intesa lost 1.8%, Banca Bper collapsed by over 5%. Banco BPM and Banca MPS, on the other hand, rose because they were at the center of rumors about banking risk.

For BPM there are rumors that there is an interest in Credit Agricole, while for MPS there are rumors of an interest in Unicredit. But it is a hypothesis that the market does not like and which, therefore, penalizes the stock.

Deepening

To know the multidays analysis and the point of view of the international markets of the ProiezionidiBorsa Study Office, click who.

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