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 lost ground in the aftermath of the Fed. What are the expectations for the next sessions?
The movement of the Ftse Eb is oscillatory and is configured by one of the most classic figures of technical analysis which is that of the triangle.
Analyzing the data from the beginning of June to today, it is possible to define the formation of a triangle that has delimited the movements of the Ftse Mib and which is coming to an end.
This means that we are close to a directional movement that should formally manifest itself over the coming days.
Unlike other indices, especially when compared with the American ones, the Ftse Mib is showing some relative strength.
It is clear that in order to have slightly more positive indications of positivity it will be necessary to wait for the overcoming of the resistance in the area of 22,900.
After this level, the scenario for the Ftse Mib will become positive, but as already mentioned on other occasions, in recent months it is difficult to expect a strong directional movement.
It will be more likely that we will continue to see opposing forces within a few days.
Unicredit yesterday took off on the Ftse Mib, while Intesa Sanpaolo was much more cautious. What is your view on these two titles?
The stability of the Ftse Mib we mentioned earlier is mainly due to the banking sector which is benefiting from the movements of the ECB and central banks in general.
The rate hikes have positive effects on banks’ balance sheets and, among these, Unicredit has always confirmed itself as one of the most reactive on the Italian scene.
We had an operational indication that the 10.3 euros were exceeded, which occurred in the first ten days of September and the movement is continuing.
The 11 euro area represented a particularly significant resistance and yesterday it was violently violated, so there is no life for Unicredit to project itself towards the subsequent 12 / 12.5 euro targets.
Intesa Sanpaolo is more cautious as it experiences fluctuating movements, mainly linked to the fact that the guidance indicated by the company is not comparable with that of Unicredit.
From this point of view, investors expect more from Unicredit in terms of economic performance.
Intesa Sanpaolo is in any case within a bullish channel that has been outlined since the beginning of August, with rising highs and lows, even if not in a decisive manner as happened for Unicredit.
Operationally, the stock is within the range between € 1.75 and € 1.95 and it is clear that exceeding this last level would open up interesting room for growth, with projections at € 2.15 / 2.2.
Factors of concern would only be the decline of 1.7 euros, but at the moment Intesa Sanpaolo’s approach is neutral-positive.
How do you assess the recent movements of Stellantis and Ferrari?
Stellantis is clearly more cautious and especially in recent weeks has been affected by a phase of reversal from relative highs in the 15 euro area.
A range of fluctuations between 12.7 and 14 euros is emerging and as long as Stellantis remains within this range, it will have a neutral outlook.
It will be necessary to wait for the upward or downward break of one of the two levels mentioned above, so that a directional approach can be outlined.
At the moment there is no room for operations, if not from an intraday perspective, thus taking advantage of very fast movements because the range is very limited.
For Ferrari, the situation tends to be similar. The transfer was less impetuous, but also in this case a range of fluctuations between 189 and 200 euros was created.
It will be necessary to wait for directional indications, because the algorithmic indicators are neutral, even if from an intraday perspective we are in a short-term bearish channel, with a temporal value of a couple of days.