Although there have been many ups and downs, the Ftse Mib Future snaps up, leaving the downside behind. In this way, it confirmed the bullish signal of the previous week that had led us to state that next week the prices could leave the downside behind. On the other hand, it was from the beginning of March 2021 that there was not such an important signal on the Ftse Mib Future as last week.
The Ftse Mib Future snaps up, leaving the downside behind
At the close of August 5th the Ftse Mib Future saw hers close quotes to 22,581, down by 0.25% compared to the previous session. The week, on the other hand, ended with an upward variation of 0.92%.
Daily time frame
All the sessions of the week were characterized by a great deal of uncertainty. However, the resilience of the very important support in the 22.510 area strengthened the bullish scenario shown in the figure by the dotted line.
As can be seen from the graph, prices have reached and exceeded the most probable target in the area of 22,510 and could be ready for a further bullish acceleration. In fact, the overcoming of the obstacle in area 22.510 could have opened the door to a continuation of the rise up to area 24.990. The maximum bullish extension, on the other hand, could go to the 27,470 area.
The failure of the former resistance, however, could open the doors to a descent up to area 21,500. Only a daily close below 20,977, however, could reverse the current trend to the downside. In this case, returns below 20,000 area could also be possible.
Weekly time frame
Even on the weekly, everything seems to be going in the direction of the upside. We have already said last week it was the best since early March 2021. Furthermore, after the bullish signal from the BottomHunter, there was also the confirmation of the buy signal of the Swing Indicator.
Now, with the overcoming of the resistance in the 22.510 area, the prices could reach the next target in the 24.990 area. The maximum bullish extension, on the other hand, could go to the 27,470 area.
Only a weekly close below 22.510 could undermine the bullish scenario.
Markets could all be bullish next week