The hopes of a return to normality push Piazza Affari. Two aspects made the Milan stock exchange, second best among all European stock exchanges, rise.
Let’s analyze what happened today on the Milanese price list, in the Analysis of the ProiezionidiBorsa Study Office. Let’s find out what are the 2 factors that pushed the Milan Stock Exchange today and that will favor possible further bullish stretches.
Piazza Affari still rises with a rise of 2%, second in Europe only in Madrid
Let’s start with the final figure. The Milanese blue chip index, the Ftse Mib (INDEX:FTSEMIB), closed up 2%, at 21,317 points. The first thing to note is that the index was the best in Europe, second only to the Madrid stock exchange. The German Dax index gained half a percentage point, the Euro Stoxx 50, the pan-European index, closed up 1%.
Why did the Milan stock exchange do better than the others? Basically for two reasons, an internal reason for our stock exchange and an external reason. The first is a factor of a technical nature. The second relates to news that arrived on the markets before the opening of the stock exchanges. Let’s start with the latter.
The 2 factors that pushed the Milan stock exchange today and that will favor possible further bullish stretches
Before the opening of the markets, the news came that the Spanish biotech company Moderna, has tested a 94% effective anti Covid vaccine. News that feeds the hope of a quick return to economic normality.
An element that favors the economies that have lost the most from the pandemic, namely the weaker ones such as Spain and Italy. And it is these stock exchanges that have risen most today.
The reason linked to the internal factor of the Stock Exchange derives from a particular technical configuration of the prices of the Ftse Mib. The index broke to the upside a resistance at 21,133 points, which had held out for over 8 months. This violation allowed prices to accelerate in the first two hours of the day.
The maximum of the session was reached at 21,435 points, a level that allowed the closing of a gap that had been open since 6 March. After closing the gap, prices stopped rising and stabilized around the 21,300 point mark.
Deepening
This the multidays analysis and the analysis of international markets by the ProiezionidiBorsa Research Department.
–
