FTSE MIB40 INDEX - FTSE MIB Has More Room To Rise - 07/15/2016 (GMT)

The FTSE MIB surged more than 4.7% over this week and surpassed above the significant support level 1,6467. At the moment, it is moving below the 50-SMA and near the 1,6831 price level on the daily chart. The technical structure remains bullish since the index advanced to a three-week high. Following the rally which started from 1,5280 our expectation is a further upside potential move until the 1,7562 resistance level which coincides with the 100-SMA. The MACD oscillator is still moving in a negative territory with a weaker move than previous days and the RSI indicator is following an upward path.