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The rebound in Italy MIB remains seen as a corrective move higher and with a large top in place, analysts at Credit Suisse look for the trend to turn lower again.

 Key quotes

“Italy FTSE MIB failed to rise above 18,000 and remains capped at 18,480 – the 38.2% retracement of the Q1 collapse. With a large bear ‘wedge’ in place, we look for this to ideally cap and for the trend to turn lower again.” 

“Below 16,313 is needed to complete a near-term top to suggest the recovery is over, re-exposing the low at 14,153.”